According to statistics from IntoTheBlock, ADA, the native token of the Cardano blockchain, saw a notable spike in big transactions, totaling to approximately $2.5 billion over the course of the previous day. A total of 63.57 billion ADA were exchanged in these trades, an increase of 5.8 billion ADA. 14,780 significant transactions were made, which is 4,790 higher than the day before. It is important to note that these major transactions are ones that total more than $100,000.
At the same time, a huge flood of 68.73 million ADA was noticed among major Cardano investors, signalling significant purchasing activity with a 123.6% rise from the day before. Data on outflows, on the other hand, shows that 90.4% of the incoming tokens came from overflow in the wallets of significant ADA holders. Nevertheless, at 6.61 million ADA, the net flow figure is still in the black.
Major investor activity spikes like these frequently happen while the market is relatively quiet. The data shows that the price of ADA has remained range-bound for 27 days at this time.
Although it may seem like not much is occurring during this extended accumulation phase, on-chain analytics show that there is some buying activity. It is unclear, though, whether this portends a forthcoming increase in the price of the Cardano token, which will benefit those covertly stockpiling ADA.
Regarding the possible pricing effects of these changes, the market is still wary. Large Cardano holders’ increasing buying activity implies a bullish attitude, but it does not ensure a major price gain in the near future.
