Promising Future for Cardano Network: Exciting On-Chain Insights!

Promising Future for Cardano Network: Exciting On-Chain Insights!

The latest on-chain analysis of Cardano network shows optimistic indicators including an upsurge in active addresses, growing transaction volume, and an increase in staking activities, contributing to a bullish sentiment and hinting at a possible accumulation by whales.

Cardano (ADA), a public blockchain tech platform, is indeed known for its advanced features like smart contracts and high-level scalability. On the other hand, it’s the underlying data that’s now stealing the spotlight, painting an even more promising image of the network’s health and prospective growth. The most recent on-chain analysis of the Cardano (ADA) network demonstrates an array of optimistic indicators. A notable upsurge in active addresses, growing transaction volume, and an boost in staking activities all contribute to this positive  tendency sentiment.

Will ADA Price Gain The Leading Spot?

Reports by IntoTheBlock, the Cardano (ADA) network has exhibited “positive trends” in numerous on-chain indicators, encompassing areas like transaction count, transaction volume, and profitable addresses. The report emphasized that transaction count and transaction volume were particularly noticeable, demonstrating clear standout performance.

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Regardless of the past few bearish market conditions, Cardano’s transaction count has maintained a notable degree of stability, recording a boost of 33.5 percent from its lowest point mid-April in the year. And once examining the transaction volume, the subsequent graph demonstrates an ascending trajectory since the year’s commencement, resulting in an impressive year-to-date surge of 205%. This translates to a daily transaction volume exceeding 26 Billion ADA.

“ Recently, there was a notable peak in daily transaction volume, reaching a three- 30 days high with 98,000 transactions in a single day.”

ADA Whale Accumulation Skyrockets

With respect to the net inflow from major stakeholders, there is been an eye-catching increase of +1,510 percent over the last 30 days, hinting at a possible accumulation by whales. The accompanying graph further emphasizes that most of the activity has been primarily directed towards inflows.

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An investigation into the profitability of addresses outlines that 22 percent are as of now profitable, 5 percent are just breaking even, and a whole lot of bulk of 73 percent are experiencing losses at the current price point.

ADA’s value has experienced a substantial decline from its record-breaking peak of $3.10 in August 2021. Since the beginning of in the year, the coin has been trading during a range of $0.25 to $0.46.

The conclusion signifies that the bulk of users, as of now bearing losses, persist in holding onto their crypto tokens, hopeful of an next price recovery. Regardless of considerable setbacks over recent months, a large number of users are remaining resilient, awaiting an expected boost in price.

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Furthermore, the total value locked (TVL) in Cardano’s Decentralized Finance ecological system has surpassed the 400 Million mark in ADA, which is Cardano’s native digital currency. As per the latest figures, the TVL amounts to 429.5 Million ADA, and when translated to USD, the value stands at $158.19 Million. The most recent on-chain data paints a promising picture for Cardano’s future. As more users continue to join and interact with the network, we can expect to see these positive trends continue.


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