Cardano, a public blockchain platform, is already known for its advanced features like smart contracts and high-level scalability. But it’s the underlying data that’s now stealing the spotlight, painting an even more promising picture of the network’s health and prospective growth. The latest on-chain analysis of the Cardano network demonstrates an array of optimistic indicators. A notable upsurge in active addresses, growing transaction volume, and an increase in staking activities all contribute to this bullish sentiment.
Will ADA Price Gain The Leading Spot?
According to IntoTheBlock, the Cardano network has exhibited “positive trends” in various 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.
Despite the recent bearish market conditions, Cardano’s transaction count has maintained a notable degree of stability, recording a rise of 33.5% from its lowest point mid-April this year.
When 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-month high with 98,000 transactions in a single day.”
ADA Whale Accumulation Skyrockets
With respect to the net inflow from major stakeholders, there’s been an eye-catching increase of +1,510% 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.
An investigation into the profitability of addresses reveals that 22% are currently profitable, 5% are just breaking even, and a significant majority of 73% are experiencing losses at the present price point.
ADA’s value has experienced a substantial decline from its all-time high of $3.10 in August 2021. Since the beginning of this year, the coin has been trading within a range of $0.25 to $0.46.
The conclusion indicates that the majority of users, currently bearing losses, persist in holding onto their tokens, hopeful of an upcoming price recovery. Despite considerable setbacks in recent months, a large number of users are remaining resilient, awaiting an expected rise in price.
Moreover, the total value locked (TVL) in Cardano’s DeFi ecosystem 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 latest 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.