Crypto News

Cardano is still growing

The price of Cardano (ADA) increased by more than 65% in the last month, which is admirable. But this is not the end of the story; Sentiment site data shows that digital currency sharks and whales continue to accumulate this digital asset.

According to Valx and quoted by Ambcrypto, the assets of addresses containing 100,000 to 100 million ADA coins have reached their highest level since November 8, 2022.

Sentiment site chart of Ada accumulation by whales

Although the main reason for the whales’ interest in this currency was the price situation of Cardano, several other factors may also be effective in the buying and selling situation of Cardano. For example, there are projects under development on the Cardano blockchain that will be launched in the coming days and could be a factor in attracting whales’ attention.

In the last issue of the Cardano Foundation’s weekly report on the development process of this network, the recent developments of the Cardano ecosystem were mentioned. According to the latest data, the number of tokens in the Cardano network reached 7.67 million and the total number of launched projects reached 116. The total number of transactions also exceeded 60 million.

Highlight of Cardano network status weekly report
Highlight of Cardano network status weekly report

In terms of development, the Cardano Foundation revealed that the network’s developers are working on Valentine’s Upgrade (SECP). Meanwhile, several other updates were released, including version 1.35.5 and Rosetta’s upgrade to version 2.1.0.

The Plutus development team is working on the Plutus debugger, increasing script capacity, and improving code documentation. Meanwhile, Marlowe’s team added better error handling for CIP-30 and also improved chain index output for multiple assets.

The accumulation of Ada and the development of the network had a slight change in the indicators of such a network. ADA trading volume grew as its price increased over the past week. This reduced the possibility of a sudden price drop.

In addition, the demand for Cardano in the derivative market also increased; This is evident from the change in the funding rate of this currency in the futures market of the Binance exchange.

A multi-criteria diagram of such a Cardano network
A multi-criteria diagram of such a Cardano network

Cardano’s development rate is still high, and the average daily activity rate of the developers of this network ranks third among the top GitHub platform projects.

Cardano’s one-week volatility increased again after an initial decline.

The post Cardano is still growing appeared first on Wallex Blog. appeared.


hello my name is amir; i love bitcoin and dogecoin 🎯

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