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ADA Whales Unleash Chaos on Cardano Network: Details

Thu, 05/18/2023 - 14:30
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Gamza Khanzadaev
Cardano network eyes abnormal activity from large holders
ADA Whales Unleash Chaos on Cardano Network: Details
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Unusual activity on the Cardano network has caught the attention of crypto intelligence portal IntoTheBlock. The anomaly, observed earlier this week, revealed a significant increase in the inflow of Cardano tokens among large holders. Specifically, there was a notable surge of 154.75 million ADA from Monday to Tuesday, indicating a substantial influx of tokens into the wallets of investors holding at least 0.1% of the total supply. According to IntoTheBlock's methodology, this surge could signal strong buying activity with the token.

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The surge in inflows to the wallets of major ADA holders marked the largest increase since early May. Notably, this surge did not coincide with an outflow from the wallets of these holders. This suggests that the tokens did not come from redistribution among large addresses or exchanges, but from the market itself.

However, it is important to note that this activity does not necessarily guarantee a positive outcome. Similar characteristics were observed during the last surge of large holders in Cardano, which took place on April 27. Following that event, the price of ADA steadily declined, experiencing an 8.5% loss up to the present day.

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Since the spike observed from Monday into Tuesday, the price of the Cardano token has risen by 2%. Nevertheless, the future trajectory of its bullish momentum remains uncertain. Whether this recent price increase will continue or fizzle out remains a significant question for Cardano investors and enthusiasts.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.