According to U.Today, Cardano (ADA) has seen a significant increase in large holder inflows, a metric that monitors the movement of funds into whale addresses. This development is crucial in Cardano's effort to retain its ranking among the top 10 cryptocurrencies by market capitalization. Data from IntoTheBlock reveals a staggering 28,372% surge in large holder inflows for Cardano, which soared from 54.93 million ADA on April 13 to 6.32 billion ADA on April 14. This could suggest substantial buying activity, as whale addresses typically purchase on centralized exchanges and then transfer their acquisitions to cold storage.
Spikes in large holder inflows can also signal price bottoms, as whale addresses tend to buy in large volumes following significant corrections. The ADA price is currently attempting a recovery after dropping to a low of $0.4 on April 13, the lowest level seen since early December 2023. At the time of writing, ADA had risen 5.61% in the last 24 hours to $0.48, maintaining its rebound for the second day.
The competition among the top 10 cryptocurrencies by market capitalization is intensifying, with various projects vying for position and market share. Cardano, with a market capitalization of $17.08 billion, is fighting to keep its place among the top 10 cryptocurrencies. While the increase in large holder inflows may appear positive, it's important to consider the potential outflows from these whale addresses, as they can often transfer out funds they just received for business purposes.
The Large Holders Netflow indicator, which gives an insight into the change in whale positions, suggests accumulation, being up 1,900%. In a significant achievement, Cardano has reached 89 million network transactions, indicating the growing activity and use of the blockchain.