Cardano Spotlight: Network Experiences Explosive Growth

Cardano (ADA) has been trading in the broader price range of $0.45 to $0.25 for the past year. With an all-time high of $3.10 set in September 2021, the price has been at least 85 percent underwater for a year. Still it turns out on chain Data shows that there is tremendous growth in usage layer-1 Blockchain.

Cardano is interested in the elevator

After hitting a low of just under $0.24 late last year, Cardano has been on its way up. It peaked around $0.46 on April 15 before negative sentiment could flow back towards the cryptocurrency.

After Cardano was classified as an effect by the US in June Securities and Exchange Commission (SEC) in its indictments against Binance and Coinbase hit a new low of $0.22. At the time of writing, the price is $0.2571, still in a dangerous zone.

Although the upbeat sentiment is hard to find this year, transaction volume is seeing explosive growth. Blockchain analytics platform Santiment announced yesterday through a post on X, formerly known as Twitter, that the metric is up a whopping 1,726 percent since late January.

📈 .@Cardano still sees an increase #onchain Transaction volume despite its depressed market value compared to its local peak in April. Utility plays an important role in every jump, and this in combination with appropriateness $ADA social dominance, is still promising. pic.twitter.com/Y9SRtbXLFq

— Santiment (@santimentfeed) September 4, 2023

Additionally, Santiment mentioned that the ongoing discussions and engagement rates surrounding ADA indicate that traders’ interest in the cryptocurrency has remained undiminished despite the drop in value.

Cardano in the spotlight

While the price is currently 90 percent lower than the current one all-time highThe network continues to grow and gain interest among users. For example, about two weeks ago you could read that Cardano avoids all other blockchains in its development activity.

In addition, last week Crypto Insiders reported that the number of wallets on the Cardano network has increased by 6 percent since April 1st. Despite the price reduction measures introduced since April, the total number of addresses has risen from 4.02 million to 4.26 million.

Also the total locked (TVL), this is the total amount of crypto assets tied into it decentralized funding (DeFi) protocols has increased from around 200 million ADA since the beginning of the year to currently 627.82 million ADA. This is according to data from DeFiLlama.