The Cardano ecosystem is currently experiencing a surge in activity, particularly from large ADA holders, also known as whales. Recent data shows that there has been a significant increase in transaction volumes among these whales, with a peak of 17 billion ADA tokens being moved. This movement was primarily driven by transactions exceeding $100,000 in a 24-hour period, indicating a flurry of activity among large holders. Despite a slight decline in the number of large transactions earlier in the week, a spike on Friday resulted in a trading volume of 17.78 billion ADA, equating to $7 billion worth of tokens exchanged among whale addresses.
Contrary to expectations of large transfers for potential selloffs, on-chain data suggests that ADA whales have been accumulating tokens at a rapid pace. The Large Holders Inflow metric from IntoTheBlock reveals a 579% increase in ADA token inflows into wallets holding at least 0.1% of the circulating supply over the past seven days. This trend is even more pronounced over the past 30 days, with a 173% increase in inflows. The net flow, which considers both inflow and outflow of tokens from large addresses, has surged by 720.62% in the last seven days and an astounding 2580% over the previous 30 days. These figures indicate that not only are whales acquiring more ADA, but they are also holding onto their tokens, leading to a substantial net positive flow. This behavior signals a strong accumulation phase among ADA whales, showcasing their confidence in and long-term commitment to the Cardano network.
Cardano is gearing up for a significant milestone with the impending Chang hard fork, set to usher in the Voltaire era. This phase represents the final stage of Cardano’s original roadmap towards creating a fully decentralized blockchain ecosystem. As the Chang hard fork approaches, the crypto community is closely watching these developments, eager to see how they will shape the future of the Cardano network and its market performance. Rumors are also circulating that Cardano may soon follow in the footsteps of Ethereum by securing its own Spot ETFs, following the recent approval of Spot Ethereum ETFs. At the time of writing, Cardano is trading at $0.4171, marking a 1% increase in the past 24 hours.
Cardano’s recent surge in activity, coupled with whales’ accumulation behavior and the upcoming Chang hard fork, point to an exciting period ahead for the cryptocurrency. As whales continue to increase their holdings and stake their confidence in the network, the stage is set for potential market shifts and sustained growth for Cardano. The community eagerly awaits the outcome of the Chang hard fork and the impact it will have on Cardano’s trajectory in the digital asset space.
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