u.today
Cardano (ADA) has witnessed an extraordinary surge in large holder inflows, a metric that tracks funds going into whale addresses. This marks a significant development in Cardano's quest to maintain its position among the top 10 cryptocurrencies by market capitalization.
According to IntoTheBlock data, Cardano (ADA) is seeing a staggering 28,372% surge in large holder inflows, which skyrocketed from 54.93 million ADA on April 13 to 6.32 billion ADA on April 14.
Large holders' inflows might indicate that considerable buying activity is taking place. This is the case because whale addresses buy on centralized exchanges and subsequently transfer their purchases to cold storage.
Spikes in Large Holders Inflows can also indicate price bottoms because whale addresses prefer to buy in large quantities after significant corrections.
The ADA price is attempting a rebound after falling to a low of $0.4 on April 13, the lowest level observed since early December 2023. At the time of writing, ADA was up 5.61% in the last 24 hours to $0.48, sustaining its rebound for the second day.
Cardano in fierce battle to retain top 10 spot
The battle for dominance among the top 10 cryptocurrencies by market capitalization is heating up, with projects jostling for position and market share.
Cardano (ADA) is struggling to maintain its coveted position among the top 10 cryptocurrencies by market capitalization. Cardano currently has a market capitalization of $17.08 billion, making it the 10th-largest cryptocurrency.
While the surge in large holder inflows might seem positive, it is worth keeping these whale address outflows in mind as entities can often transfer out funds they just received for business purposes.
In this regard, the Large Holders Netflow indicator, which provides an idea of the change in the positions of whales, suggests accumulation, being up 1,900%.
In a significant milestone, Cardano has hit 89 million network transactions, a testament to the increasing activity and utilization of the blockchain.