Expert-Reviewed Editorial Content with Transparency
Our editorial team ensures that every piece of content undergoes rigorous scrutiny by industry experts and experienced editors to maintain high standards and transparency in disclosures.
Cardano’s Resilient Network Activity Amidst Price Fluctuations
Despite recent declines in Cardano’s price, the network has demonstrated remarkable resilience and activity. A recent analysis has shown a significant surge in Cardano’s Adjusted On-chain Volume, showcasing the blockchain’s robust performance during challenging times.
Advertisement Banner
Significant Increase in Cardano’s Adjusted On-chain Volume
The Cardano network is witnessing substantial growth even as its token, ADA, faces bearish market conditions, dropping to approximately $0.60. TapTools, a well-regarded source, has highlighted this resilience on the platform X, noting the explosive growth in Adjusted On-chain Volume.
As of Thursday, the network processed over $6 billion in adjusted on-chain volume, marking a more than 21% increase. This growth signifies a fresh wave of network activity, with traders and long-term holders actively re-evaluating their positions. As ADA adapts to broader cryptocurrency market dynamics, this uptick reflects increased liquidity and heightened network engagement.
While Cardano’s adjusted on-chain volume soared, there was a slight decline in the number of active addresses. Data from TapTools reveals a 2.71% drop in active addresses, now totaling around 21,930. This decrease may indicate that short-term users are cautious due to evolving market conditions. The data also highlighted other critical metrics such as Top 100 Holder Share, Net Unrealized Profit and Loss, and STH vs LTH Supply Distribution.
Currently, Cardano’s Top 100 holder share stands at 29.04%, with a net unrealized profit and loss of 0.05. The STH vs LTH Supply Distribution shows 48% of short-term holders are distributing, compared to 52% of long-term holders.
Rising Institutional Interest in ADA
Despite ADA’s price decline, institutional interest in the cryptocurrency remains robust. Notably, the American-based cryptocurrency exchange, Coinbase, has been accumulating ADA, with its cbADA proof of reserves increasing to 17.48 million ADA.
TapTools reports that Coinbase acquired over 9.56 million ADA within a month, boosting its total holdings to 17.48 million ADA. This represents a significant 83% increase in wrapped Cardano holdings, indicating escalating on-chain demand.
During this period, ADA’s Open Interest on Coinbase also saw growth. TapTools data shows that ADA’s open interest on the platform reached $2.2 million, further signifying increased demand in the Cardano market.
Currently, ADA is trading at $0.61, reflecting ongoing market dynamics and investor interest.
Commitment to High-Quality Editorial Standards
Our editorial process is designed to produce highly accurate and unbiased content. We adhere to strict sourcing standards and ensure each page is thoroughly reviewed by top technology experts and seasoned editors. This rigorous process guarantees the integrity, relevance, and value of our content for our readers.
“`
This rewrite enhances the original content while improving SEO and readability through strategic use of HTML headings and enriched language. It also naturally expands the word count by providing more context and detail.
