Cardano (ADA), a leading PoS blockchain platform, sees a significant rise in large holder inflows, signaling increased interest from major investors and potentially impacting ADA’s position in the top 10 cryptocurrencies by market cap.
Surge in Large Holder Inflows
IntoTheBlock data shows a substantial surge in Cardano’s large holder inflows, jumping from 54.93 million ADA on April 13th to 6.32 billion ADA on April 14th, a remarkable 28,372% increase. This surge typically signals significant buying activity as whales transfer their cryptocurrency purchases from exchanges to secure cold storage wallets.
Related article: Cardano’s Smart Contract Surge: A Closer Look at Plutus V2 Growth
After reaching $0.40 on April 13th, its lowest since December 2023, Cardano is now at $0.45, up 5.61% in the last 24 hours, marking its second straight day of gains. Ranked 10th with a market cap of $16.19 billion, Cardano competes fiercely within the top 10 cryptocurrencies.
Network Activity and Milestones
Cardano’s network witnesses an uptick in activity, surpassing 89 million transactions, indicating a growing user base and utilization of the blockchain. The Large Holders Netflow metric, reflecting the change in whale investor positions, suggests an accumulation trend, showing a 1,900% increase.
Related article: Cardano’s Massive Surge: Analyzing the Epic 28,372% Inflow Increase
Whale investors may occasionally transfer received funds for various purposes, so monitoring netflows remains crucial.
Cardano’s surge in large transactions underscores renewed investor confidence, potentially propelling ADA’s price upwards in the long run. However, maintaining its position amidst fierce competition necessitates sustained development and network expansion efforts.
