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While the broader market has been consolidating, crypto traders are now focusing on Cardano (ADA) which could see strong momentum in the near time. On-chain data shows that Cardano shark and whale addresses have continued to accumulate.
This cohort now holds the highest level of ADA coins in almost a year. On-chain data provider Santiment explains that the Cardano price is around $0.29, and big holders with 100K-10M $ADA are gathering again, the most they’ve had since September 2022. Also, the amount of activity happening on the Cardano network has been going up almost every week for the last 6 months.
Blockchain analytics firm Messari has also published a report stating that the Cardano blockchain activity surged during the second quarter. Also, the total value locked on the Cardano blockchain moved upwards. In the “State of Cardano” report published last month, blockchain analytics firm Messari noted:
“The ratio of transactions to active addresses has been growing steadily over the past five quarters, suggesting that the average user is more active now than they previously were. In Q2, the Transaction / Active Address ratio of 1.19 was up 6.1% QoQ and 13.2% YoY.”
Cardano’s DApp and DeFi Activity
Minswap, a decentralized exchange, saw significant growth. Additionally, other new decentralized apps also contributed to this rise, as reported by Messari.
The load on the blockchain, which measures the data contained in blocks over a specific time, increased to 50% from below 40% in the past three months. It reached its highest point at 81% in May.
DefiLlama’s data indicates that there are $175 million worth of tokens locked on Cardano as of Monday, the highest level this year, but still about 50% lower than the peak of $340 million reached in May 2022.
This surge in activity follows important upgrades to Cardano since the beginning of the year. In June, Cardano developers implemented a change to reduce “epoch” transitions and improve the blockchain’s performance for users. On Cardano, epochs are time periods, lasting for 432,000 slots, and each slot equals one second.
It will be interesting to see if the ADA price can inch past $0.30 and continue with further price surge ahead.
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