{"id":629287,"date":"2024-07-12T00:30:59","date_gmt":"2024-07-12T00:30:59","guid":{"rendered":"https:\/\/wncen.com\/?p=629287"},"modified":"2024-07-11T15:05:01","modified_gmt":"2024-07-11T15:05:01","slug":"cardano-sees-1218-spike-ada","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cardano\/cardano-sees-1218-spike-ada\/","title":{"rendered":"Cardano Sees 1,218% Spike In This Major Metric, Will ADA Price Follow?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The Cardano blockchain has been relatively quiet since the beginning of July, alongside an<\/span><a href=\"https:\/\/wncen.com\/news\/cardano\/cardano-bottomed-rally-0-8\/\"><span style=\"font-weight: 400\"> ADA price consolidation<\/span><\/a><span style=\"font-weight: 400\">. As per on-chain transaction data, Cardano whales have also been relatively quiet since the last week of June. Daily whale inflows have steadied under 5 million ADA since the beginning of the month, save for a recent spike earlier in the week. Particularly, on-chain data from IntoTheBlock indicate a recent 1,218% spike in daily whale inflows, a development that may signal the start of an ADA price uptick.<\/span><\/p>\n<h2>Cardano Sees 1,218% Spike In Major Metric<\/h2>\n<p><span style=\"font-weight: 400\">According to the <\/span><a href=\"https:\/\/app.intotheblock.com\/coin\/ADA\/deep-dive?group=ownership&amp;chart=concentration\" rel=\"nofollow\"><span style=\"font-weight: 400\">Large Holders Inflow from<\/span><\/a><span style=\"font-weight: 400\"> IntoTheBlock, the Cardano blockchain witnessed a 1,220% surge in whale inflow. As noted earlier, daily inflows into whale wallets have been on a decline since July 5. However, a surge in activity at the beginning of the week resulted in the number of inflows into whale addresses spiking from 14.51 million ADA on July 8 to 110.82 million ADA on July 9. This increase is more noticeable compared to the 2.83 million ADA recorded on July 7, which represents a 3815.9% increase in daily inflows over two days.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-whale-11215-eth-coinbase\/\">Ethereum Whale Sparks Sell-Off Rumors With 11,215 ETH Coinbase Deposit<\/a><\/div>\n<p><span style=\"font-weight: 400\">The Large Holders Inflow metric tracks the amount of tokens entering into wallets holding at least 0.1% of the circulating supply of ADA. According to data from Coinmarketcap, there are currently 35.87 billion ADA tokens in circulation. Meaning each wallet being tracked by the metric has to possess at least 35.87 million ADA tokens before they can be classified as large holders or whales.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the <\/span><a href=\"https:\/\/app.intotheblock.com\/coin\/ADA\/deep-dive?group=ownership&amp;chart=holdingsDistribution\" rel=\"nofollow\"><span style=\"font-weight: 400\">ADA holdings distribution<\/span><\/a><span style=\"font-weight: 400\">, only 0.01% of the total Cardano addresses are within the range of those possessing 10 million to 100 million ADA tokens. However, they control a majority (36.26%) of the coins in circulation, which gives them a say in the overall price movement.\u00a0<\/span><\/p>\n<h2>Will ADA Price Follow?<\/h2>\n<p><span style=\"font-weight: 400\">Whale activity doesn&#8217;t just affect prices directly; it can also sway overall market sentiment. When some of these big players make moves, it can either boost confidence or spread fear among other whales and retail investors.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-double-top-pattern\/\">Bitcoin Forms Double Top Pattern On 4-Hour Chart, Analyst Reveals Targets<\/a><\/div>\n<p><span style=\"font-weight: 400\">Recent bearish sentiment saw ADA hit a nine-month low of $0.3211, but it has rebounded and is now on the verge of reversing into a positive percentage in a seven-day timeframe. At the time of writing, ADA is trading at $0.3936, which has been up by 2.25% in the past 24 hours. As a result of this short-term price increase, ADA has been <\/span><a href=\"https:\/\/wncen.com\/news\/cardano\/cardano-breaks-out-of-falling-wedge-pattern-analyst-predicts-70-rally-for-ada\/\"><span style=\"font-weight: 400\">driven out of a<\/span><\/a><span style=\"font-weight: 400\"> falling wedge formation on the price chart, which might ultimately result in a 70% surge above the $1 threshold.<\/span><\/p>\n<p><span style=\"font-weight: 400\">On the development side, the Cardano blockchain, w<\/span><a href=\"https:\/\/wncen.com\/news\/cardano-ada-founder-claps-back-at-dead-coin-comments-issues-reminder-to-the-community\/\"><span style=\"font-weight: 400\">hich was recently accused of being a dead coin<\/span><\/a><span style=\"font-weight: 400\">, is about to <\/span><a href=\"https:\/\/bitcoinist.com\/cardano-9-0-on-chain-governance-set-for-activation\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">launch an upgrade<\/span><\/a><span style=\"font-weight: 400\"> to its network.<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/Hnhpp65D\/\" alt=\"Cardano price chart from Tradingview.com\" width=\"3286\" height=\"1566\"><figcaption class=\"wp-caption-text\">ADA price drops below $0.4 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">ADAUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Cardano blockchain has been relatively quiet since the beginning of July, alongside an ADA price consolidation. As per on-chain transaction data, Cardano whales have also been relatively quiet since the last week of June. Daily whale inflows have steadied under 5 million ADA since the beginning of the month, save for a recent spike earlier in the week. Particularly, on-chain data from IntoTheBlock indicate a recent 1,218% spike in daily whale inflows, a development that may signal the start of an ADA price uptick. Cardano Sees 1,218% Spike In Major Metric According to the Large Holders Inflow from IntoTheBlock, the Cardano blockchain witnessed a 1,220% surge in whale inflow. As noted earlier, daily inflows into whale wallets have been on a decline since July 5. However, a surge in activity at the beginning of the week resulted in the number of inflows into whale addresses spiking from 14.51 million ADA on July 8 to 110.82 million ADA on July 9. This increase is more noticeable compared to the 2.83 million ADA recorded on July 7, which represents a 3815.9% increase in daily inflows over two days. Related Reading: Ethereum Whale Sparks Sell-Off Rumors With 11,215 ETH Coinbase Deposit The Large Holders Inflow metric tracks the amount of tokens entering into wallets holding at least 0.1% of the circulating supply of ADA. According to data from Coinmarketcap, there are currently 35.87 billion ADA tokens in circulation. Meaning each wallet being tracked by the metric has to possess at least 35.87 million ADA tokens before they can be classified as large holders or whales.\u00a0 According to the ADA holdings distribution, only 0.01% of the total Cardano addresses are within the range of those possessing 10 million to 100 million ADA tokens. However, they control a majority (36.26%) of the coins in circulation, which gives them a say in the overall price movement.\u00a0 Will ADA Price Follow? Whale activity doesn&#8217;t just affect prices directly; it can also sway overall market sentiment. When some of these big players make moves, it can either boost confidence or spread fear among other whales and retail investors.\u00a0 Related Reading: Bitcoin Forms Double Top Pattern On 4-Hour Chart, Analyst Reveals Targets Recent bearish sentiment saw ADA hit a nine-month low of $0.3211, but it has rebounded and is now on the verge of reversing into a positive percentage in a seven-day timeframe. At the time of writing, ADA is trading at $0.3936, which has been up by 2.25% in the past 24 hours. As a result of this short-term price increase, ADA has been driven out of a falling wedge formation on the price chart, which might ultimately result in a 70% surge above the $1 threshold. On the development side, the Cardano blockchain, which was recently accused of being a dead coin, is about to launch an upgrade to its network. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":629299,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,89347,84005,14643,79508,12332,89230,12329],"class_list":["post-629287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-ada-news","tag-ada-price","tag-adausd","tag-adausdt","tag-cardano","tag-cardano-news","tag-cardano-price"],"acf":[],"yoast_head":"\n<title>Cardano Sees 1,218% Spike In This Major Metric, Will ADA Price Follow?<\/title>\n<meta name=\"description\" content=\"The Cardano blockchain has been relatively quiet since the beginning of July, alongside an ADA price consolidation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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