Cardano has reached an important milestone with the impending Chang’e hard fork. This pivotal moment comes after Her latest upgrade Node validation program before the upgrade goes live. As the Cardano ecosystem prepares for this major update, the network is seeing a surge of activity that could set its course in the coming weeks.
Amidst this increased activity, the cryptocurrency Cardano, ADA, has shown Interesting price performanceADA has seen positive price action over the past 24 hours, reflecting growing market optimism. This price surge comes on the back of increased trading volumes, especially from whales or large ADA holders. According to recent on-chain data, this group of traders has been significantly increasing their trading, with the trading volume recently peaking at 17 billion ADA tokens.
Whales move
This movement was noted by large holders on the IntoTheBlock dashboard through a metric that tracks the number and volume of transactions over $100k in a 24-hour period. Interestingly, this metric It appears that The number of large transactions has been declining since the start of the week. However, the surge in activity resulted in a trading volume of 17.78 billion ADA on Friday, bringing the total to $7 billion in tokens exchanged between whale addresses.
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The surge in activity continues, with 15.43 billion ADA tokens worth $6.28 billion changing hands among large coin holders in the past 24 hours.
While the spike in activity and trading volume could also be a sign of large transfers to crypto exchanges for potential sell-offs, on-chain data suggests otherwise. Insights from IntoTheBlock’s Large Holder Flow measurement The data reveals that ADA whales have been rapidly accumulating tokens instead. This metric specifically tracks the flow of ADA tokens to wallets that hold at least 0.1% of the circulating supply, providing a clear picture of the behavior of large coin holders.
The data shows that these wallets have seen a 579% increase in inflows over the past seven days and a 173% increase over the past 30 days. This massive buildup has led to a corresponding spike in net flow, which represents both incoming and outgoing token flows from large addresses. Specifically, there has been a staggering 720.62% increase in net flow over the past seven days and an even more dramatic 2,580% increase over the past 30 days.
Is Cardano’s recovery imminent?
These numbers indicate that large ADA holders are not only buying more ADA but are also holding onto their holdings, resulting in a significant 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.
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Much of this buildup can be attributed to Cardano’s upcoming hard fork, which will usher in the Voltaire era. Voltaire is the final stage of Cardano’s original roadmap to create a fully decentralized blockchain ecosystem. With Chang’s hard fork approaching, the crypto community is closely watching these developments, anticipating how they will impact the Cardano network landscape and its performance in the market.
In addition, there is Rumors Cardano could be the next cryptocurrency to be secured Its own ETFs after Final approval on Ethereum Spot ETFs. At the time of writing, Cardano is trading at $0.4171, up 1% in the past 24 hours. The next possible move is a breakout of $0.42.
Featured image created using Dall.E, chart from Tradingview.com