Cardano is at an vital stage with the upcoming Chang strenuous fork. This key moment comes after last update of his software to validate nodes before the update goes live. As the Cardano ecosystem prepares for this major update, the network is experiencing a surge in activity that could determine its trajectory in the coming weeks.
In the face of this increased activity, Cardano’s cryptocurrency, ADA, has shown fascinating price performance. ADA has seen positive price action over the past 24 hours, reflecting growing market optimism. This price escalate comes on the heels of an escalate in transaction volume, particularly from whales or enormous ADA holders. According to recent on-chain data, this group of traders has significantly increased their transactions, with transaction volume recently peaking at 17 billion ADA tokens.
Whales on the move
This movement of enormous holders was noted on the IntoTheBlock dashboard using a metric that tracks the number and volume of transactions exceeding $100,000 in a 24-hour period. Interestingly, this metric it shows that the number of enormous transactions has been withering since the beginning of the week. However, the escalate in activity generated a trading volume of 17.78 billion ADA on Friday, which amounts to $7 billion worth of tokens exchanged between whale addresses.
The surge in activity continues, with 15.43 billion ADA tokens worth $6.28 billion exchanged between enormous holders in the past 24 hours.
While the escalate in activity and trading volume could also signal enormous transfers to cryptocurrency exchanges for a potential sell-off, on-chain data suggests otherwise. Insights from the Influx of Large Holders IntoTheBlock metric reveal that ADA whales have been accumulating tokens rapidly. This metric specifically tracks the inflow of ADA tokens into wallets that hold at least 0.1% of the circulating supply, providing a clear picture of the behavior of enormous holders.
The data shows that these wallets have seen a 579% escalate in inflows over the past seven days and a 173% escalate over the past 30 days. This significant accumulation has led to a corresponding escalate in net flow, which takes into account both inflows and outflows of tokens from enormous addresses. Specifically, there has been a staggering 720.62% escalate in net flow over the past seven days and an even more dramatic 2580% escalate over the past 30 days.
Is a Cardano rebuild inevitable?
These numbers suggest that enormous holders are not only acquiring more ADA, but also retaining their stakes, resulting in a significant positive net flow. This trend reflects a powerful accumulation phase among ADA whales, indicating their growing trust and long-term commitment to the Cardano network.
Much of this accumulation can be attributed to the upcoming Cardano strenuous fork, which heralds the era of Voltaire. Voltaire is the final phase of Cardano’s original roadmap for creating a fully decentralized blockchain ecosystem. As the Chang strenuous fork approaches, the cryptocurrency community is closely monitoring these events, anticipating how they will impact the overall landscape of the Cardano network and its market performance.
In addition, there are gossip that Cardano could be the next cryptocurrency that can be secured own Spot ETFs following recent approval Ethereum ETF Spot. At the time of writing, Cardano is trading at $0.4171, up 1% in the last 24 hours. The next possible move is to break $0.42.
Featured image created with Dall.E, chart from Tradingview.com
