- Cardano’s on-chain transaction volumes are hitting new highs despite a dip.
- Cardano’s weekly on-chain transaction volumes increased 1726% from January to September 2023.
- Large-scale investors added over $150 million worth of ADA in August.
Despite experiencing a dip, Cardano’s on-chain transaction volumes are consistently hitting new highs. Santiment, a leading on-chain data analytics platform, recently tweeted that Cardano
As per the tweet, the recent surge in on-chain activity follows a period of subdued market price for ADA relative to its 5-month peak last seen in April.
Specifically, the data analytics platform highlighted a significant surge in Cardano’s weekly on-chain transaction volumes, noting a staggering 1726 percent increase from January to September 2023.
The sentiment indicator, Discussion Rates, which assesses market attitudes and moods towards a specific cryptocurrency asset, also mirrors the escalating interest in the Cardano Blockchain and its ecosystem. This clearly indicates the growing enthusiasm within the crypto industry for this particular blockchain technology.
Santiment data reveals a surge in Cardano’s discussion rates from 1.19% to 1.65%, indicating a growing interest among traders in this particular cryptocurrency.
This progression transpires amidst the escalating intrigue in the Cardano DEFI ecosystem, characterized by the expanding acceptance of avant-garde platforms such as MinSwap, Liqwid, Indigo, and MuesliSwap.
Cardano enthusiasts are working diligently to reclaim the August 2023 peak of $0.3027; a level ADA/USD had previously approached at the beginning of the month. As August drew to a close, the investors made a concerted effort to drive a significant upward trend, pushing the value from $0.2600 to $0.2803.
Nonetheless, substantial offloading at the $0.2803 mark triggered a significant bearish trend at the onset of this month, effectively stalling Cardano’s bid to breach the $0.3000 threshold. In the initial days of the new month, Cardano’s subdued market capitalization appears to be oscillating within a tight spectrum, as depicted in the subsequent chart.
In the crypto industry today, the 24-hour trading chart fluctuated within a range, hitting an intraday low of $0.2547 and reaching an intraday high of $0.2594.
While ADA has only seen modest increases in recent weeks, on-chain data suggests that large-scale investors continue to hold their positions. For example, between July and August 7, these so-called ‘whales’ added more than $150 million worth of ADA to their holdings. This significant accumulation could have been a key driver behind ADA’s August rally to $0.3027.
Nonetheless, liquidating over 100 million ADA tokens during the second week of August may have catalyzed the significant downward trend. Concurrently, the future trajectory of Cardano’s price movement remains uncertain as on-chain transaction volumes experience a notable increase.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
