Cardano, a blockchain platform that has been gaining momentum in the cryptocurrency market, is on the brink of a significant milestone with the upcoming Chang hard fork. This pivotal moment comes after the recent upgrade of its node validation software, leading up to the live launch of the update. As the Cardano ecosystem braces itself for this major change, there has been a noticeable surge in network activity that could potentially shape its future trajectory in the following weeks.
One of the key indicators of Cardano’s progress is the performance of its native cryptocurrency, ADA. Over the past 24 hours, ADA has shown positive price action, reflecting a growing sense of optimism in the market. This increase in price coincides with a rise in transaction volumes, especially from large ADA holders, often referred to as whales in the crypto world. Recent on-chain data indicates that these whales have significantly increased their transactions, with a recent peak of 17 billion ADA tokens being moved.
The influx of large transactions has been tracked through IntoTheBlock’s metrics, specifically focusing on transactions exceeding $100,000 in a 24-hour period. Although there was a slight decline in the number of large transactions earlier in the week, a sudden spike in activity on Friday resulted in a trading volume of 17.78 billion ADA, equivalent to $7 billion worth of tokens exchanged among whale addresses. This trend has continued, with 15.43 billion ADA tokens worth $6.28 billion moving among large holders within the last day.
Contrary to expectations of a potential selloff, on-chain data suggests that ADA whales have been accumulating tokens rapidly. The Large Holders Inflow metric from IntoTheBlock reveals a significant increase in ADA token inflows into wallets holding at least 0.1% of the circulating supply. Over the past week, there has been a 579% uptick in inflows, and a 173% increase over the last month. This accumulation has translated into a substantial net positive flow, with a 720.62% rise in net flow over the past seven days and a staggering 2580% increase over the last 30 days.
The accumulation trend among ADA whales can be attributed to the anticipation surrounding the upcoming Cardano hard fork, which marks the beginning of the Voltaire era. The crypto community is closely monitoring these developments, speculating on how they will impact the overall landscape of the Cardano network and its market performance. There are also rumors circulating about Cardano potentially becoming the next cryptocurrency to secure its own Spot ETFs, following the recent approval of Spot Ethereum ETFs. As of the current trading price of $0.4171, Cardano has seen a 1% increase in value over the past 24 hours.
The impending Cardano Chang hard fork signifies a crucial moment for the network, with significant implications for ADA holders. The surge in activity and accumulation among large holders indicate a growing confidence in the Cardano ecosystem, setting the stage for potential growth and development in the coming days. As the crypto community closely watches the unfolding events, the future of Cardano and ADA remains an intriguing subject of discussion among investors and enthusiasts alike.
Leave a Reply