Cardano Recovery Imminent? Whales Make Their Move With 17 Billion ADA
27 Julio 2024 - 6:00PM
NEWSBTC
Cardano is at a significant milestone with the impending Chang hard
fork. This pivotal moment follows the recent upgrade of its node
validation software before the upgrade goes live. As the Cardano
ecosystem gears up for this major update, the network is
experiencing a surge in activity that could determine its
trajectory in the coming weeks. Amidst this heightened activity,
Cardano’s cryptocurrency, ADA, has demonstrated an interesting
price performance. ADA has seen positive price action in the past
24 hours, reflecting growing market optimism. This uptick in price
comes on the heels of increasing transaction volumes, particularly
from whales or large ADA holders. According to recent on-chain
data, this cohort of traders has significantly ramped up their
transactions, with transaction volume recently reaching a peak of
17 billion ADA tokens. Whales Making Moves This movement from large
holders was noted on IntoTheBlock’s dashboard through a metric
which follows the number and volume of transactions greater than
$100,000 in a 24-hour period. Interestingly, this metric shows that
the number of large transactions has been on a decline since the
beginning of the week. However, an activity spike created a trading
volume of 17.78 billion ADA on Friday, coming to $7 billion worth
of tokens exchanged among whale addresses. Related Reading:
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Ethereum, Here’s Why The increase in activity continues to linger,
with 15.43 billion ADA tokens worth $6.28 billion moved among large
holders in the past 24 hours. While the surge in activity and
trading volume could also be large transfers to crypto exchanges
for potential selloffs, on-chain data suggests otherwise. Insights
from IntoTheBlock’s Large Holders Inflow metric reveal that ADA
whales have been rapidly accumulating tokens instead. This metric
specifically tracks the influx of ADA tokens into wallets that hold
at least 0.1% of the circulating supply, providing a clear picture
of large holder behavior. The data shows that these wallets
have experienced a 579% increase in inflows over the past seven
days and a 173% increase over the past 30 days. This significant
accumulation has led to a corresponding rise in net flow, which
accounts for both the inflow and outflow of tokens from large
addresses. Specifically, there has been a staggering 720.62%
increase in net flow over the last seven days and an even more
dramatic 2580% increase over the past 30 days. Cardano Recovery
Imminent? These figures suggest that large holders are not only
acquiring more ADA but are also retaining their holdings, resulting
in a substantial net positive flow. This trend reflects a strong
accumulation phase among ADA whales, indicating their growing
confidence and long-term commitment to the Cardano network.
Related Reading: Can Dogecoin Replicate Its 2021 18,000% Run?
Here’s What The Chart Says Much of this accumulation can be
attributed to the upcoming Cardano hard fork, which will herald the
Voltaire era. Voltaire is the last phase of Cardano’s original
roadmap in creating a fully decentralized blockchain ecosystem. As
the Chang hard fork approaches, the crypto community is closely
monitoring these developments, anticipating how they will influence
the overall landscape of the Cardano network and its market
performance. Additionally, there are rumors that Cardano might be
the next cryptocurrency to secure its own Spot ETFs following the
recent approval of Spot Ethereum ETFs. At the time of writing,
Cardano is trading at $0.4171, up by 1% in the past 24 hours. The
next feasible step is breaking above $0.42. Featured image
created with Dall.E, chart from Tradingview.com
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