Cardano Tops in Adjusted Volume Transactions Despite Price Tumbling 18%

Per recent data from Messari, Cardano is leading in 24-hour adjusted volume transactions despite the ADA price tumbling 18%. Adjusted transaction volume remains a good way to isolate only the most important transactions.

Cardano outperformed lead cryptocurrencies Bitcoin and Ethereum in adjusted transaction volumes, with a 24-hour volume of $16.49 billion compared to Bitcoin’s $8.49 million and Ethereum’s $4.73 billion. Cardano users also paid cheaper fees compared to both BTC and ETH.

On-Chain Activity, Source: Messari.io

Amid a string of favorable fundamentals, Cardano’s price has declined steadily since attaining all-time highs of $3.09 in September 2021. ADA has taken a drubbing as the entire crypto market dipped. ADA has tanked more than 18% in the last 24 hours and remains down 75.44% from its all-time highs, as per CoinMarketCap.

Cardano holders continue to accumulate amid price plunge

Despite price declines, Cardano holders have continued to accumulate. On-chain analytics firm Santiment reported that Cardano ”shark addresses” holding 10,000 to 100,000 ADA tokens have accumulated almost half of Cardano’s total supply of 34.12 billion ADA, adding 6% more in the last five weeks.

Likewise, holders of the ADA token who have not parted with their tokens for at least one year now control a cumulative 10.12 billion ADA tokens ($9.5 billion), according to recent data provided by IntoTheBlock analytics.

Bitrue cryptocurrency exchange also revealed its big announcement: making ADA one of the base currencies.

Cardano (ADA) will be used as a base currency for conversion of FLUX, DGB, RSR, GAS, SNT, CTSI, BNT, LOOM and KNC, i.e., some of the most popular assets for the Bitrue community. ADA trades at $0.76 at the time of publication.