Cardano’s Buying Activity Shoot Up Due To These Possible Reasons
Cardano’s purchase activity has registered an uptick in a brief amount of time, as noted by a Twitter user called “Pete”. Illustrating his point via a chart, the user tweeted, “Someone is buying up. Just watch out for those corrections.”...
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August 9, 2022 by Lipika Deka
Cardano’s purchase activity has registered an uptick in a brief amount of time, as noted by a Twitter user called “Pete”. Illustrating his point via a chart, the user tweeted, “Someone is buying up. Just watch out for those corrections.”
He then wondered if those buyers are up for the long term or simply there for profit making- dumping them right after the Vasil upgrade.
On the other hand, the PoS blockchain’s Total Active Users count says otherwise as Cardano holders hit their 12-month low this week.
Data from the Messari chart revealed that the total active users on a daily basis slid from 234k in January to a mere 65k at press time.
Cardano's Buying Activity Shoot Up Due To These Possible Reasons 3Despite that, ADA continues to be in favor among the top 4,000 BSC whales, per data tracker WhaleStats. Here too the motives remain unknown.
As per data from Kraken Intelligence, Cardano also tapped a 268% year-to-date [YTD] surge in on-chain volume and a 16% increase on a month-on-month [MoM] basis.
Kraken experts cited the launch of the network’s first decentralized exchange [DEX] SundaeSwap and metaverse gaming app Pavia as the reason behind the growth spurt.
Besides that, its developers have increased the programmable blockchain’s block size by 10% as projects on the ecosystem exceeded 1,000.
Kraken Intelligence also highlighted the euphoria surrounding the upcoming Vasil hard fork in ADA’s on-chain transfer volume growth.
The much-awaited hard fork remains one of the most talked about updates to date as it is designed to bring significant improvements to Cardano and its Plutus smart contracts.
Cardano Community Reacts To Mark Cuban’s Claims
In another news, Billionaire Mark Cuban made a stunning claim that Dogecoin has greater utility than Cardano when he stated in an interview, “I still think Doge has more applications available to it than ADA.”
Cardano’s founder Charles Hoskinson reacted by posting a “wave aside” GIF image in response to the remarks. Community-focused Twitter account, ADA Whale, too chimed in by saying it “was a factually wrong statement”
Earlier, Hoskinson emphasized the timing factor after a user criticized ADA’s price. Could these mysterious buying spikes anywhere be related to what Hoskinson envisaged? Only Time has the answer.
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