Cardano is at a crucial point in its development with the upcoming Chang hard fork on the horizon. This significant moment follows the recent upgrade of its node validation software as it prepares for the fork to go live. The Cardano ecosystem is buzzing with activity as it gears up for this major update, which could shape its path in the weeks to come.
In the midst of this heightened activity, Cardano’s cryptocurrency, ADA, has shown an interesting price performance. ADA has experienced positive price movement in the last 24 hours, reflecting a growing sense of optimism in the market. This increase in price coincides with a rise in transaction volumes, particularly from whales or large ADA holders. Recent on-chain data indicates that these traders have significantly increased their transactions, with a peak volume of 17 billion ADA tokens.
The movement from large holders was observed on IntoTheBlock’s dashboard, which tracks the number and volume of transactions exceeding $100,000 within a 24-hour period. While the number of large transactions had been decreasing earlier in the week, a sudden surge in activity led to a trading volume of 17.78 billion ADA on Friday, amounting to $7 billion worth of tokens exchanged among whale addresses.
The uptick in activity persists, with 15.43 billion ADA tokens worth $6.28 billion moved among large holders in the past day. Despite the surge in activity and trading volume, there is evidence to suggest that large holders are not liquidating their holdings. On-chain data from IntoTheBlock’s Large Holders Inflow metric reveals that ADA whales are actually accumulating more tokens. This metric tracks the influx of ADA tokens into wallets holding at least 0.1% of the circulating supply, providing insight into large holder behavior.
According to the data, these wallets have seen a 579% increase in inflows over the past week and a 173% increase over the last 30 days. This accumulation has resulted in a significant rise in net flow, which considers both inflow and outflow of tokens from large addresses. There has been a remarkable 720.62% increase in net flow over the past week and a staggering 2580% increase over the last month.
These figures indicate that large holders are not only acquiring more ADA but are also holding onto their tokens, leading to a positive net flow. This trend signals a strong accumulation phase among ADA whales, showcasing their confidence and long-term commitment to the Cardano network.
Much of this accumulation can be linked to the upcoming Cardano hard fork, which marks the beginning of the Voltaire era. The crypto community is eagerly awaiting the Chang hard fork and its potential impact on the Cardano network and market performance.
In addition, there are talks circulating that Cardano could be the next cryptocurrency to secure its own Spot ETFs following the recent approval of Spot Ethereum ETFs. At present, Cardano is trading at $0.4171, showing a 1% increase in the last 24 hours. The next target for ADA is breaking above $0.42, a move that could signal further positive momentum.
With Cardano’s future looking bright and the support of ADA whales evident, the cryptocurrency is poised for potential growth and recovery in the days ahead. As the market landscape evolves, all eyes are on Cardano and its journey towards becoming a fully decentralized blockchain ecosystem.