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Cardano (ADA) Skyrockets 1,218% in Whale Inflows, What's Going On?

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Wed, 10/07/2024 - 14:58
Cardano (ADA) Skyrockets 1,218% in Whale Inflows, What's Going On?
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Cardano (ADA), currently the 10th largest cryptocurrency by market capitalization, is seeing a surge in large holder inflows, an indicator that tracks the funds going into large holder, or whale, addresses.

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According to IntoTheBlock data, ADA is demonstrating a 1,218% surge in large holder inflows, which resulted from a spike in funds entering whale addresses from 14.51 million ADA on July 8 to 110.7 million ADA on July 9. This rise comes after ADA saw flattened inflows for several days, beginning on July 5.

Large Holders' Inflows might indicate that considerable buying activity is taking place. This is the case because many of these addresses buy on centralized exchanges and subsequently transfer their purchases to cold storage.

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Large Holders Inflow, Courtesy: IntoTheBlock

Spikes in Large Holders Inflows can also indicate price bottoms since these addresses prefer to buy in bulk after significant drops.

Both scenarios might be likely for ADA given the current situation on the market. The crypto market has experienced fluctuations in recent weeks, with ADA falling to lows last seen in November 2023.

Currently, the ADA price is showing signs of stability, up 3.4% in the last 24 hours to $0.3819. While the spike in large holder inflows might suggest something brewing for Cardano, it is also essential to keep in mind that large entities may transfer out funds received for business purposes.

Cardano advances toward Chang upgrade

Cardano is progressing toward its highly awaited Chang upgrade, with Cardano Node 9.0.0. released.

The Chang upgrade will stagger the release of governance functionality, making adoption and onboarding easier for those with new or extra roles in governance. It is separated into two phases.

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Chang Upgrade 1 will add governance features to Cardano and begin the technical bootstrapping phase, as outlined in the CIP-1694 Bootstrapping Phase. Chang Upgrade 2 takes CIP-1694 out of the technical bootstrapping phase and enables the final features of on-chain governance, including DRep participation and all governance actions.

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