Despite lagging behind other cryptocurrencies in price movement, Cardano has shown significant signs of increased network activity, with a notable rise in active addresses and whale transactions. Recent on-chain data indicates a sharp uptick in user engagement on the Cardano network, with active addresses reaching the highest count in the past year, signaling a possible trend towards wider adoption and imminent breakthroughs on the platform.
Active Addresses Climb to New Heights
An analysis of recent on-chain metrics reveals that the Cardano network’s active addresses have soared, nearly doubling since September of the previous year. This surge concretely demonstrates a growing user base and heightened engagement with the blockchain. For instance, data from Danogo exhibited a peak of 596,915 active addresses on March 11, surpassing the count from May 2023, and signaling an enthusiastic reception of the Cardano technology.
February Marks a Turnaround in Engagement
After a slump in January, data visualizations from Danogo show a marked rebound in active addresses as February concluded. Daily active addresses remained consistently above 50,000, with reports indicating a recent count of 66,970 active addresses within a single day. Moreover, a surge in high-value transactions suggests that major investors, or “whales,” are increasingly active on the Cardano network, with a substantial rise in transactions exceeding $100,000.
IntoTheBlock’s metrics have also captured a notable increase in whale transactions, with 6,810 large transactions recorded in just 24 hours, and an impressive $73.86 billion over the previous week. This formidable activity overshadows Ethereum‘s comparative metrics for the same period. Furthermore, statistics on ADA‘s supply distribution show a significant concentration with whales, amassing around 60 million ADA.
Cardano’s Price Aims for a Dollar
Cardano’s native token, ADA, has seen its value more than triple since hitting low metrics in September. While it has been trading at $0.79, up 42% from the last month, ADA is poised to retest the crucial $0.8 resistance level. A successful breach could propel the token past the $1 threshold, a feat not achieved since April of the previous year. The general market optimism bolsters prospects for ADA to surpass this milestone in the near future.