ADA Whale, a Cardano community-focused Twitter account, believes in the potential of a bull run for Cardano. On Twitter, they mentioned that every bull run begins with a narrative, citing that the last bull run for Cardano was triggered by the Shelley/staking narrative.
ADA Whale believes that the next Cardano bull run might be fueled by increasing DeFi TVL. As TVL increases (predicting $1 billion), the narrative will feed on itself, they continue, and the bull run will begin from there as Cardano trades significantly below the previous all-time high of $3 established in September 2021.
Every bull run starts with a narrative, last one for Cardano was Shelley/staking. Next one will prob be TVL. Way below the previous all time high of $3 (and lower daily as ADA TVL grows) it hits $1bn – from there the narrative will feed on itself. Just the way these things work
— ADA whale (@cardano_whale) April 12, 2023
The bull run, according to ADA Whale, is not something expected anytime soon — not even in 2023. In the whale’s judgment, the expectation expressed was not just a “2023 story.” They suggest that patience might be needed.
The overall value of crypto assets deposited in a decentralized finance (DeFi) system, or in DeFi protocols in general, is known as the “total value locked” (TVL).
As reported, Crypto Venture Capital founder Dan Gambardello stated that the growth in total value locked (TVL) on Cardano will prove to be the most obvious leading indicator of the incoming ADA price increase.
Cardano’s TVL, or total value locked, in ADA, continues to rise, reaching highs of 420.26 million ADA on March 22. According to information from DefiLlama, the current value is 411.18 million ADA. Cardano’s TVL in dollars is currently at $150.47 million. When staking is included, the value rises even higher, to around $159.46 million.
ADA price action
At the time of writing, Cardano’s ADA was marginally down 0.64% in the last 24 hours to $0.404. ADA whales continue to accumulate, adding 560 million coins within two weeks.
Cardano continues to build on the vision it started with over five years ago, addressing the three major challenges facing all blockchain networks: scalability, sustainability and interoperability.
Yesterday, Cardano builder IOG announced the initial mainnet release of the very first light wallet platform, Lace 1.0.