Cardano's Accumulation Hits 12-Month High Amidst Transaction Spike

Sharks and whales have been persistent on Cardano as ADA accumulation has returned to its highest level since September 2022. According to Santiment data, individuals who own between 100,000 and $10 million worth of ADA tokens have added more than $116 million since its most recent peak on May 21.

The robust growth in accumulation came at the same time as a spectacular increase in its transaction volume, which has been growing exponentially virtually every week for the previous six months as the price approaches $0.30. The transaction volume saw over 67 billion in ADA in back-to-back weeks, as shown in the image displayed below, a feat last seen in September 2021.

The reason behind the surge has been attributed to several upgrades that were deployed earlier this year, attracting both users and developers to the Cardano network. This has been further corroborated by a study led by popular analytics firm Messari.

In the second quarter, the leading layer-1 blockchain experienced excellent growth in terms of value-locked and transactional metrics compared to the first quarter due to technical advancements and increased developer engagement.

The analysis commissioned by Input Output, the company behind Cardano, also noted that while transaction activity increased, the number of daily users dropped by 4%, marking the fourth reduction in address activity in the previous five quarters.

The ratio of transactions to active addresses has been growing steadily over the past five quarters, suggesting that the average user is more active now than they previously were. In Q2, the Transaction / Active Address ratio of 1.19 was up 6.1% QoQ and 13.2% YoY.

Furthermore, Cardano’s average daily dApp transactions have also increased for the third consecutive quarter. Dapp usage soared significantly in Q2 with a significant 49.0% rise from the prior quarter, maintaining an average of 57,900 daily transactions.

Meanwhile, Cardano became fertile ground for a groundbreaking non-financial utility in crypto.

Cardano Startups Release ADAmail

Prominent Swiss technology builders in theCardanoecosystem, NMKR and IAMX have launched a new product called ADAmail. One can able to email every wallet address on Cardano as well as view received emails with ease, using this method, the blog read.

While the exact dates for the pre-sale of Access Passes and the official launch of ADAmail are currently under wraps, ADAmail promised to deliver a host of features designed to enhance the communication experience.