Cardano tops Fund Inflows with $2.3 Billion, behind only Ethereum
During the recent market relief, Cardano (ADA) was one of the top gainers among the top 10 biggest…
During the recent market relief, Cardano (ADA) was one of the top gainers among the top 10 biggest crypto projects. According to Cardano Daily, the project witnessed “top money flow in layer-1 blockchains.” The Twitter handle noted that the growth was led by Ethereum (ETH), with ADA following behind.
TOP MONEY FLOW IN LAYER 1 BLOCKCHAINS
In the last few days, the market has been hyped with the rise of Ethereum, leading the growth of all other layer 1 blockchains. Except for Ethereum, Cardano is the layer 1 that witnessed the largest growth!
#cardano #money #flow #layer1 pic.twitter.com/Qwi0ieVbId
As per the Twitter thread, the project witnessed $2.3 billion worth of inflows, accounting for a 16% growth. Ethereum (ETH) saw inflows of $3.3 billion, a whole billion more than ADA. Apart from Cardano, Ethereum Classic (ETC) and Avalanche (AVAX) both saw 14% and 13.4% growth respectively.
The inflows were also marked with top social activity. According to LunarCrush, ADA saw 43.31k shared links, accounting for a 8.9% increase. Social mentions increased by 8.44%, with 206.2k mentions. And social engagement grew by 12.78%, with 536.29 million engagements.
Based on relative combined social + market activity, Cardano has hit an AlternativeRank™ of 1 out of the top 3,954 coins across the market.
One-week activity:
Shared links: 43.31K +8.9%
Social mentions: 206.2K +8.44%
Social engagements: 536.29M +12.78%https://t.co/YHBrYm9Mu5 pic.twitter.com/QTmrJLWjNf
Is Cardano turning bullish?
Cardano is undoubtedly popular, and also one of the biggest crypto projects out there. However, ADA has often left the crypto community divided. Some love the project, while others feel something completely opposite. Most of the hate for ADA comes from delayed launches. Nonetheless, the project has done well on its NFT front, hitting new milestones along the way.
Last week, Santiment, the popular analysis firm, also noted that Cardano sat at its “lowest relative position compared to its realized value since January 2019,” which the firm mentioned, is a sign of undervaluation “based on average trader losses.” The firm indicated that Cardano’s price doubled the last time the score was at this level.
With that being said, at press time, ADA was the biggest loser in the last 24 hours, among the top-10 crypto projects. The token has fallen 6.1% since yesterday.
At press time, Cardano (ADA) was trading at $0.385704, up by 13.6% in the last seven days.
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