Crypto intelligence portal IntoTheBlock has become aware of unusual activities on the Cardano network. The anomaly, which was noticed earlier this week, showed a notable rise in the inflow of Cardano tokens among big holders. In particular, there was a noticeable increase of 154.75 million ADA on Tuesday compared to Monday, indicating a significant flood of tokens into the wallets of investors who own at least 0.1% of the entire supply. The technique used by IntoTheBlock indicates that this increase might indicate active token purchase.
The spike of money entering the wallets of significant ADA holders was the biggest since early May. Notably, there was no outflow from these holders’ wallets during this spike. This shows that the tokens came from the market itself and weren’t distributed around several major addresses or exchanges.
It’s crucial to keep in mind, though, that success from this activity is not always a given. Similar traits were seen with the most recent increase of significant holdings for Cardano, which occurred on April 27. After that incident, the price of ADA progressively dropped, losing 8.5% up till the present.
The price of the Cardano coin has increased by 2% from the Monday–Tuesday jump. The direction of its bullish momentum, however, is yet unknown. For those who are interested in and invested in Cardano, the question of whether the current price surge will last or end up fizzling out is still very important.
