The Cardano blockchain has been relatively quiet since the beginning of July, with ADA price consolidation. On-chain transaction data shows that Cardano whales have also been quiet since the last week of June. Daily whale inflows have been steady at under 5 million ADA since the start of the month, except for a recent spike earlier this week. Recent data from IntoTheBlock indicates a 1,218% spike in daily whale inflows, which could signal a potential uptick in ADA price.
According to the Large Holders Inflow metric from IntoTheBlock, Cardano experienced a 1,220% surge in whale inflow. Daily inflows into whale wallets had been decreasing since July 5, but a surge in activity at the beginning of the week caused the number of inflows to spike from 14.51 million ADA on July 8 to 110.82 million ADA on July 9. This significant increase is notable compared to the 2.83 million ADA recorded on July 7, representing a 3815.9% increase in daily inflows over two days.
The Large Holders Inflow metric tracks the amount of tokens entering wallets holding at least 0.1% of the circulating supply of ADA. Currently, there are 35.87 billion ADA tokens in circulation, requiring each wallet tracked by the metric to possess at least 35.87 million ADA tokens to be classified as large holders or whales.
Whale activity not only impacts prices directly but also influences overall market sentiment. Recent bearish sentiment led ADA to hit a nine-month low of $0.3211, but it has since rebounded and is close to turning positive over a seven-day period. ADA is currently trading at $0.3936, up by 2.25% in the past 24 hours. This short-term price increase has driven ADA out of a falling wedge formation on the price chart, potentially leading to a 70% surge above the $1 threshold.
On the development side, the Cardano blockchain, previously criticized for being a “dead coin,” is preparing to launch an upgrade to its network.