Cardano is on the brink of a major milestone with the impending Chang hard fork. This crucial moment in the development of the Cardano ecosystem comes after the recent upgrade of its node validation software in preparation for the upcoming hard fork. The network is currently abuzz with heightened activity as it gears up for this significant update, which could potentially shape its trajectory in the weeks to come.
In the midst of this increased activity, Cardano’s native cryptocurrency, ADA, has displayed an intriguing price performance. Over the past 24 hours, ADA has shown positive price action, reflecting a growing sense of optimism in the market. This price surge coincides with a rise in transaction volumes, particularly from large ADA holders or whales. Recent on-chain data indicates that these large traders have significantly increased their transactions, with transaction volume peaking at 17 billion ADA tokens. This surge in activity was observed on IntoTheBlock’s dashboard, highlighting the number and volume of transactions exceeding $100,000 in a 24-hour period. Despite a slight decline in the number of large transactions earlier in the week, a sudden 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 momentum continues with 15.43 billion ADA tokens worth $6.28 billion moved among large holders in the past day.
While the surge in activity and trading volume may suggest large transfers to crypto exchanges for potential selloffs, on-chain data paints a different picture. Insights from IntoTheBlock’s Large Holders Inflow metric reveal that ADA whales have been actively accumulating tokens instead of selling. This metric tracks the influx of ADA tokens into wallets holding at least 0.1% of the circulating supply, showing a significant increase in inflows over the past week (579%) and month (173%). This accumulation trend has resulted in a substantial rise in net flow, which considers both inflow and outflow of tokens from large addresses. Notably, there has been a remarkable 720.62% increase in net flow over the last week and an even more staggering 2580% increase over the past month. These statistics indicate that large holders are not only acquiring more ADA but also holding on to their assets, leading to a positive net flow. This trend underscores a strong accumulation phase among ADA whales, signaling their confidence and long-term commitment to the Cardano network.
Much of this accumulation activity can be attributed to the upcoming Cardano hard fork, which will 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 cryptocurrency community is closely following these developments, speculating on their potential impact on the overall Cardano network and market performance. Furthermore, there are rumors circulating that Cardano could 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, reflecting a 1% increase in the past 24 hours.
With the impending Chang hard fork, the growing accumulation among ADA whales, and the anticipation surrounding Cardano’s future developments, the cryptocurrency is poised for a defining moment in its journey towards widespread adoption and market expansion. As investors and enthusiasts continue to monitor Cardano’s progress, the network’s performance and ADA’s price trajectory will be pivotal indicators of its long-term success in the ever-evolving blockchain landscape.
Leave a Reply