- Social and on-chain data from Santiment support Cardano’s impressive 30% gain in 2023.
- Twenty-eight new addresses on Cardano’s network hold at least one million ADA tokens.
- Cardano’s trading volume is at its highest level since November 2022.
Data from Santiment, the cryptocurrencies behavior analytics platform show that Cardano is having an impressive moment. Feeds from the platform reveal a 30% price surge for ADA, Cardano’s native token since December 30, 2022.
Details of the on-chain and social indices for Cardano investigated by Santiment since the current surge has been impressive. Of the new addresses added to the Cardano network during this time, 28 hold at least one million ADA tokens. Trading volume for ADA has reached its highest level since November 2022, and whale activities have increased significantly.
Cardano is the 8th largest cryptocurrency by market capitalization. At the time of writing, the market capitalization of Cardano was $34.5 billion. Cardano’s latest price surge comes off the lowest point it has reached since reaching an all-time high (ATH) of $3.09 on September 1, 2021. Crypto users are questioning the reason behind this newfound energy. Many ask if the market has reached a bottom and is about to pick up again.
One factor behind the newfound tailwind of Cardano is the success of DeFi stories emanating from the network. Many financial solution projects are adopting Cardano as their preferred solution for DeFi implementation. Over 50 of these projects are already running on the platform.
The impending launch of a native stablecoin on Cardano is another factor that may be behind the influx of capital into the network. Stablecoins are crucial for DeFi projects to run effectively. A native stablecoin implies that it would attract DeFi projects that will boost the blockchain’s total value locked, TVL.
Cardano’s founder Charles Hoskinson has revealed that ADA will be accepted for payments in his new hospital. He did so while responding to a Twitter user who inquired after Hoskinson announced the launch of his hospital, Hoskinson Health & Wellness Clinic.
The cumulative impact of these factors is pushing Cardano higher. Many crypto users think the cryptocurrency has failed to live up to expectations since it launched in 2017. They hope new developments within the ecosystem will unleash the proof-of-stake blockchain platform to achieve its potential.