The influx of whales into Cardano (ADA) wallets has skyrocketed by 1,218%, influencing potential price movements. As ADA rebounds from recent lows, the network gears up for an upgrade, while large holders continue to shape market dynamics. In parallel, Pawfury (PAW) emerges as a promising cryptocurrency with innovative features and high growth potential.
Cardano Sees Significant Increase in Whale Inflows
Cardano (ADA) has experienced a notable surge in whale inflows, with on-chain data from IntoTheBlock showing a 1,218% increase. The key metric tracks tokens entering wallets holding at least 0.1% of Cardano’s circulating supply. This surge was observed from July 8 to July 9, jumping from 14.51 million ADA to 110.82 million ADA, marking a 3815.9% increase from July 7’s 2.83 million ADA.
This activity among large holders, colloquially known as whales, has potential implications for ADA’s price movements. While ADA recently hit a low of $0.3211, it has since rebounded to $0.3936, rising by 2.25% in the past 24 hours. This positions ADA near a breakout from a falling wedge formation on the price chart, indicating a possible 70% price surge above the $1 mark.
The Cardano network is also set to launch a forthcoming upgrade, contributing to its developmental progress. Current data indicates that whales, owning between 10 million and 100 million ADA tokens, control 36.26% of the total supply, significantly impacting the market dynamics.
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