The Cardano blockchain's native token, ADA, experienced a significant increase in large transactions, amounting to nearly $2.5 billion in the past 24 hours, according to data from IntoTheBlock. The total number of ADA involved in these transactions rose by 5.8 billion, reaching a total of 63.57 billion ADA. The number of large transactions surged to 14,780, which is 4,790 more than the previous day. It is worth noting that these large transactions are defined as those equivalent to $100,000.
Concurrently, a substantial influx of 68.73 million ADA was observed among large Cardano holders, indicating notable buying activity with a 123.6% increase compared to the previous day. However, data on outflows reveals that 90.4% of the incoming tokens originated from overflow among the wallets of large ADA holders. Nonetheless, the net flow value remains positive at 6.61 million ADA.
Such surges in activity from major investors often occur during periods of relative market calm. Presently, the price of ADA has been range-bound for 27 days, as indicated by the chart.
This prolonged accumulation phase might give the impression of little happening, but on-chain metrics reveal a certain level of buying activity. It is, however, uncertain whether this is an indication that the price of the Cardano token will soon rise, benefiting those quietly accumulating ADA.
The market remains cautious about the potential price impact of these developments. While increased buying activity among large Cardano holders suggests positive sentiment, it does not guarantee a significant price increase in the near term.
Tomiwabold Olajide
