Cardano, while lagging behind other cryptocurrencies in terms of price action, has been experiencing a surge in network activity. The blockchain has seen an increase in active addresses, with the monthly count reaching its highest level in a year. This is a promising sign for investors, as it indicates growing network adoption and potential for future developments.
Data from Danogo reveals that the number of active addresses on the Cardano network has doubled since September 2023, with a total of 596,915 active addresses recorded on March 11. This surge in activity shows a significant uptick in user engagement and usage of the network. Active addresses are a key metric in assessing the adoption rate of cryptocurrencies, and Cardano’s recent numbers point towards a positive trend.
Furthermore, Cardano has also seen increased whale activity, with large transactions exceeding $100,000 on the rise. According to IntoTheBlock, there were 6,810 whale transactions in the past 24 hours, totaling $73.86 billion in the past seven days. This influx of large transactions signals confidence from high-net-worth individuals in Cardano’s potential for growth and success in the market.
Despite the positive network activity and whale accumulation, Cardano has yet to break past the $0.8 price level. The cryptocurrency has been rejected twice at this level already, but there is hope for a retest and potential breakout. If ADA can surpass $0.8, it could pave the way for a push towards $1, a price point that has not been reached since April 2022. With the overall crypto market sentiment remaining bullish, there is a possibility for ADA to reach new highs in the near future.
Cardano’s network adoption and activity have been on the rise, showcasing the potential for growth and development in the cryptocurrency space. The increase in active addresses, whale transactions, and price action all point towards a positive outlook for ADA. As the market continues to evolve, Cardano’s progress and advancements will be closely watched by investors and enthusiasts alike.