The latest figures show that Cardano's whale addresses, that hold between 1 and 10 million ADAs, in the last five weeks, after a seven-month dump, have begun to pile up ADA tokens again, adding 190 million ADA tokens during the month of March (according to information from the Santiment platform, published on May 3).
The positive news for Cardan fans, however, is that despite its price falling to its lowest level in 15 months, the ADA ecosystem continues to expand. It is worth noting that Cardano increased the block size by 10% on April 25, which led to faster transaction processing and better DApp performance. This precedes Vasil's hard work, scheduled for June, which aims to introduce several scaling improvements to Cardano. Expected innovations include pipelining, the new Plutus CIP and disk storage. All this should lead to the growth of the protocol and a dramatic increase in its transaction throughput.
In addition, the network recently introduced the Cardano ERC-20 converter, which brought support for ERC-20 token migration to its platform and increased the number of use cases available to application developers and businesses.
In recently shared statistics on network growth, the IOHK development team revealed that 925 projects are currently being built on it, with the largest share belonging to NFT collections with a massive share of 46.6%. Behind them are:
NFT marketplaces (4.1%)
Metaverse projects (3.4%)
DEX (3.8 %)
In essence, a sharp increase in buying pressure could mean that whales expect the ADA to recover in the near future.