- Cardano is ranked third in development activity, showcasing the network’s progress and stakeholder engagement.
- A noticeable surge in Cardano’s daily trading volume indicates growing investor sentiment.
Sourced from the recent Santiment tweet, the crypto community is abuzz with the revelation that Cardano ($ADA) has marked its territory as one of the top three crypto assets in terms of development activity over the past 30 days. Such prolific development activity, especially during tumultuous market conditions, hints at Cardano’s resilience and potential.
T1 @Polkadot $DOT
T1 @kusamanetwork $KSM
3 @Cardano $ADA
4 @hedera $HBAR
5 @chainlink $LINK
6 @dfinity $ICP
7 @ethstatus $SNT
8 @AptosLabs $APT
9 @vegaprotocol $VEGA
10 @cosmos $ATOM pic.twitter.com/n1ZRrKsBVe
— Santiment (@santimentfeed) August 14, 2023
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Leading the Charge in Blockchain Development
The thriving Cardano ecosystem stands as a testament to its active developer and stakeholder community. The recent Santiment report underscores Cardano’s commitment, positioning it third, only surpassed by Polkadot (DOT) and Kusama Network (KSM). Such strides in development have led to a surge in Total Value Locked (TVL) metrics, with the network recently boasting a new all-time high of over 740 million ADA staked in DeFi protocols.
Legacy and Milestones
Cardano has not only witnessed substantial milestones like surpassing 700 million ADA staked in DeFi back in July but has also proven its mettle as a stalwart in the blockchain domain. Its uninterrupted operational record in the realm of smart contracts solidifies its dominance in the sector. These achievements, coupled with Cardano founder Charles Hoskinson’s unyielding confidence in the network’s longevity, hint at ADA’s potential upward price trajectory.
Cardano’s Financial Turnaround
Despite the overall bearish sentiment in the crypto landscape, Cardano seems to be gearing up for a rebound. A stark 72% uptick in its daily trading volume in a mere day showcases increasing investor interest. With the bulls consolidating around the $0.27 mark, a break beyond $0.3 is on the horizon for ADA. And if the broader crypto market follows suit, Cardano might witness an impressive 50% surge, pushing its price beyond the $0.4 benchmark.
Whales Dive into Cardano
Blockchain analytics titan, Santiment, divulged that high-net-worth investors are stockpiling ADA. Despite the broader market’s stagnation, the number of wallets containing 100,000 ADA or more has soared to levels unseen since April 2022. This boost in whale activity emerges even amidst a lukewarm trader sentiment towards Cardano, which has receded around 35% since its 2023 zenith. At the time of writing, ADA trades at $0.28, a slight 2.8% dip over the past day.
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