The amount of money coming into Cardano (ADA) from major holders has increased dramatically, according to a statistic that records these transfers. This is a big step forward for Cardano in its fight to stay in the top 10 cryptocurrencies in terms of market value.
Cardano (ADA) is witnessing an incredible 28,372% increase in big holder inflows, according per IntoTheBlock statistics. On April 13, there were 54.93 million ADA, but on April 14, there were 6.32 billion ADA.
The inflows from large holdings may suggest that there is a lot of purchasing activity going on. Whale addresses purchase on centralised exchanges and then move their purchases to cold storage, which explains why this is the case.
Because whale addresses tend to purchase in bulk during huge declines, spikes in large holder inflows can also signal price bottoms.
After hitting its lowest point since early December 2023 on April 13—$0.4—the price of ADA is making an attempt to rise. As of this writing, ADA has gained 5.61% over the previous day to $0.48, continuing its upward trend for the second day.
Cardano in fierce battle to retain top 10 spot
With projects competing for position and market share, the struggle for supremacy among the top 10 cryptocurrencies by market capitalization is becoming more intense.
Cardano (ADA) is having difficulty holding onto its highly sought-after spot among the top 10 cryptocurrencies in terms of market value. Cardano is now the tenth-largest cryptocurrency with a market value of $17.08 billion.
Although the increase of big holder inflows may appear encouraging, it’s important to be aware of these whale address outflows since businesses frequently use the money they have got for business needs.
In this context, accumulation is shown by the Large Holders Netflow indicator, which is up 1,900% and gives a notion of how whale positions have changed.
Cardano has reached 89 million network transactions, a noteworthy milestone that illustrates the growing use and activity of the blockchain.
