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Home»Crypto»Cardano Recovery Imminent? Whales Make Their Move With 17 Billion ADA
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Cardano Recovery Imminent? Whales Make Their Move With 17 Billion ADA

July 27, 2024No Comments3 Mins Read
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Cardano is on the brink of a significant milestone with the upcoming Chang hard fork. This crucial moment comes after the recent upgrade of its node validation software in preparation for the live upgrade. As the Cardano ecosystem prepares for this major update, there has been a notable increase in network activity that could shape its trajectory in the weeks ahead.

Amidst this heightened activity, Cardano’s cryptocurrency, ADA, has shown an interesting price performance. ADA has experienced positive price movements in the last 24 hours, reflecting a growing sense of optimism in the market. This price surge is accompanied by a rise in transaction volumes, particularly from large ADA holders or whales. Recent on-chain data indicates a peak transaction volume of 17 billion ADA tokens from this group of traders.

Whales Making Moves

The activity of large holders was observed on IntoTheBlock’s dashboard, tracking the number and volume of transactions exceeding $100,000 within a 24-hour period. Despite a decline in the number of large transactions earlier in the week, a spike in activity led to a trading volume of 17.78 billion ADA on Friday, equating to $7 billion worth of tokens exchanged among whale addresses.

The surge in activity persists, with 15.43 billion ADA tokens valued at $6.28 billion moved among large holders in the past 24 hours.

While the increase in activity and trading volume could suggest large transfers to crypto exchanges for potential sell-offs, on-chain data indicates otherwise. Insights from IntoTheBlock’s Large Holders Inflow metric reveal that ADA whales have been accumulating tokens at a rapid pace. This metric specifically monitors the influx of ADA tokens into wallets holding at least 0.1% of the circulating supply, providing insight into large holder behavior.

The data shows a 579% increase in inflows over the past seven days and a 173% increase over the last 30 days. This accumulation has led to a significant rise in net flow, accounting for both inflow and outflow of tokens from large addresses. There has been a remarkable 720.62% increase in net flow over the last seven days and an even more substantial 2580% increase over the past 30 days.

Cardano
Source: IntoTheBlock

Cardano Recovery Imminent?

These numbers indicate that large holders are not only acquiring more ADA but also holding onto their existing holdings, resulting in a significant net positive flow. This trend reflects a strong accumulation phase among ADA whales, showcasing their confidence and long-term commitment to the Cardano network.

This accumulation can be largely attributed to the upcoming Cardano hard fork, which will mark the beginning of the Voltaire era. Voltaire represents the final phase of Cardano’s original roadmap towards establishing a fully decentralized blockchain ecosystem. As the Chang hard fork draws near, the crypto community is closely watching these developments, anticipating their impact on the overall landscape of the Cardano network and its market performance.

There are also rumors circulating that Cardano could be the next cryptocurrency to introduce its own Spot ETFs, following the recent approval of Spot Ethereum ETFs. At the time of writing, Cardano is trading at $0.4171, showing a 1% increase in the past 24 hours. The next critical milestone is breaking above the $0.42 mark.

Cardano ADA price chart from Tradingview.com
ADA price moving towards $0.42 | Source: ADAUSDT on price chart from Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

ADA Billion Cardano Imminent Move Recovery Whales
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