Whales on the Cardano ($ADA) blockchain have been on a buying spree, scooping up over 16 million tokens in only 24 hours as developer activity on Cardano, as measured by GitHub commits, surges.

According to cryptocurrency analyst Ali Martinez, first spotted by Daily Hodl, who cited data from on-chain analytics firm Santiment, Cardano addresses holding between 100,000 and 1 million ADA have bought large amounts of tokens recently seemingly taking advantage of a price dip as developers work on Cardano’s decentralized finance ecosystem.

The buying figures represent the largest single-day spike in Cardano whale accumulation in months and comes at a time in which data shows that Cardano’s developer activity so far this year is more than seven times that of BTC, and has recently greatly surpassed that of Ethereum.

Last month, Cardano’s transaction volume also exploded to $12.7 billion over a short period, to more than double Ethereum’s $6.3 billion transaction volume.

Activity on the Cardano network has been surging over time, with the number of daily new addresses being created on the cryptocurrency’s network jumping 167% on February 18, a metric that on-chain analyst Ali Martinez said generally “precedes a spike in price volatility for ADA.”

The price of ADA has indeed seen its volatility surge, along with the rest of the cryptocurrency market. Its transaction volume and developer activity surged after the launch of SundaeSwap, which commands 98% of the total value locked on its DeFi ecosystem.

Data from Binance Research shows that contributions to Cardano’s GitHub have surged in November last year, ahead of its mainnet launch. Since then the number of addresses holding ADA also went up sharply, to hit a new 4.53 million all-time high last month, according to CryptoCompare’s latest Asset Report.

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