The cryptocurrency market has been a rollercoaster ride, with enthusiasts and investors eagerly trying to predict the next market move.
Cardano (ADA), like many other digital assets, experienced a significant dip in value over the past month. At press time, Cardano was trading at $0.257, marking a 12% drop over the past month and about 2.06% over the past seven days. The cryptocurrency’s current market capitalization stands at $9 billion, with trading volume dropping by 5.77% to roughly $94 million over the past 24 hours, according to data from CoinMarketCap.
However, this decline in market value seems not to have dampened Cardano’s network activity, which has shown remarkable promise.
On Monday, September 4, on-chain analytics firm Santiment reported that Cardano’s on-chain transaction volume has experienced explosive growth in 2023, surging by a staggering 1,726% since late January.
“This surge in transaction volume is indicative of Cardano’s increasing utility and underscores the network’s growing adoption,” the firm wrote.
Furthermore, Cardano’s social dominance has been on the rise, signifying a substantial presence on cryptocurrency-focused social media platforms compared to the top 50 most-talked-about crypto projects. This heightened social buzz highlights the community’s continued interest and engagement with Cardano.
Industry experts have consistently emphasized that mainstream crypto adoption is closely tied to network activity. Despite concerns about Cardano’s subdued market value, its impressive transaction activity bodes well for the future of DeFi and NFT investments, reflecting a thriving ecosystem.
Notably, while Cardano‘s total value locked (TVL) in DeFi applications is currently at $160.29 million (Approximately 625 million ADA), which appears relatively low, it’s worth noting that this figure has undergone substantial growth since January when it stood at a mere $50.68 million.
The Cardano (ADA) network is also witnessing a surge in new users, signalling the ongoing mainstream adoption of cryptocurrencies in response to global inflation concerns. Amid a thriving DeFi ecosystem, with prominent Dapps like Liquid Finance, Minswap, Djed stablecoins, and MuesliSwap. Cardano boasts approximately 4.43 million unique wallet addresses at press time, marking roughly a 6% increase since April 2023.
Cardano delegators have also risen by about 30,000 during the same period. On average, the network has welcomed approximately 1,600 new wallet addresses daily since April, with some days showing particularly robust growth.
As Cardano hovers around 25 cents, traders count on a potential support $0.24-$0.25 range. Notably, a triple bottom that seems to be forming on the daily chart timeframe could result in a bullish if validated.
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