Cardano (ADA) Shows Signs of Strength with On-Chain Activity
Cardano (ADA) has been standing out in the cryptocurrency market as it continues to trade in the green while other assets consolidate their gains. Recent on-chain activity suggests that there could be more increases in store for the eighth-largest cryptocurrency by market capitalization.
Strong ADA Address Activity and Whale Transactions
Data from the crypto and blockchain analytics platform Santiment reveals that Cardano has experienced a 23% increase in ADA address activity over the past three weeks. Additionally, whale transactions on the network have risen by 32% during the same period.
Dormant Holders and Accumulation
The activity of dormant Cardano holders has seen a significant surge, with October 30 marking the largest day for old ADA tokens moved in a year and a half. Furthermore, large holders known as ‘whales’ and ‘sharks’ with holdings between 100,000 and 10 million ADA have begun accumulating again.
Ongoing Development Efforts
The Cardano development team has been actively working to grow its network. They recently published a research paper on their scaling solution called Mithril. Additionally, they introduced Nami, a non-custodial wallet platform, to their product family. These developments have received some criticism, which Cardano founder Charles Hoskinson has addressed.
Hot Take: Cardano’s On-Chain Activity Points to Bullish Outlook
Cardano’s on-chain activity, including increased ADA address activity, whale transactions, and accumulation by large holders, indicates a positive outlook for the cryptocurrency. The ongoing development efforts by the Cardano team further contribute to its potential for future growth. With these factors in mind, Cardano (ADA) appears to be a cryptocurrency worth keeping an eye on.
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