Recently, there’s been a notable increase in large investments into Cardano (ADA), as indicated by the inflow of funds into the wallets of major investors, or “whales.” This trend signifies an important milestone for Cardano as it aims to keep its place among the top 10 cryptocurrencies based on market capitalization.
Based on IntoTheBlock’s figures, there was a massive increase of approximately 28,372% in the number of Cardano (ADA) coins being transferred to large holders between April 13 and April 14. The amount of ADA in these holdings grew from 54.93 million to a staggering 6.32 billion during this period.
Significant purchases could be happening as large investors transfer their acquired assets from exchanges to offline wallets, suggesting active buying behavior.
Large investors, or “whales,” may purchase substantial amounts of a cryptocurrency following notable price drops, which can signal a market bottom based on the influx of large holder transfers.
The price of ADA has made a recovery after reaching a record low of $0.4 on April 13, which was last seen in early December 2023. Currently, ADA is increasing by 5.61% over the past 24 hours to $0.48, representing its second consecutive day of price growth.
Cardano in fierce battle to retain top 10 spot
The competition among the leading ten cryptocurrencies based on market value is becoming more intense, as each project strives to gain superiority and attract a larger customer base.
The market value placement of Cardano (ADA) among the leading ten cryptocurrencies is under threat. At present, its market capitalization amounts to $17.08 billion, ranking it as the tenth largest cryptocurrency.
Though an increase in large investor deposits may appear favorable, it’s important to remember that significant withdrawals from “whale” addresses should also be considered. These entities might be moving funds they have recently acquired for business reasons.
The Large Holders Netflow indicator, which signals the movements of large investors or “whales” in the market, indicates a significant increase of 1,900% in their positions. This could be an sign of accumulation.
Reaching a noteworthy achievement, the Cardano blockchain now counts over 89 million transactions – evidence of growing usage and engagement.
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2024-04-15 19:01