Cardano ($ADA) TVL Up Over 82% Since Start of 2023 As Cardano DeFi Grows in Popularity

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On Thursday (March 16), a popular pseudonymous $ADA whale commented on the growing importance and popularity of Cardano’s DeFi ecosystem.

Source: DefiLlama

Yesterday, the prominent Cardano ($ADA) influencer “ADA whale” (“cardano_whale” on Twitter) tweeted about the rapid growth of Cardano’s TVL (363 million ADA, which is roughly $118.65, as of March 17, according to data from DefiLlama), and he said that for anyone serious about crypto, it would be stupid to ignore Cardano DeFi for “tribalistic reasons.”

He went on to say that “volume may still be low for now, but outside money is now obviously flowing in.”

On the same day, crypto analyst Ali Martinez said that he had recently observed a surge in the volume of large $ADA transactions exceeding $100,000.

This uptick could signify growing interest from institutional investors or whale traders, who may be accumulating $ADA or using it for significant transactions. As the Cardano ecosystem continues to develop and expand, this trend could indicate heightened confidence in the project’s long-term potential.

According to data from TradingView, currently (i.e., as of 3:38 p.m. UTC on March 17), $ADA is trading at around $0.3341, up 1.83% today and 33.73% in the year-to-date period.

Source: TradingView

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