Cardano Holders Stake $40M Worth of ADA Following Price Decline

• Cardano users have staked more than 157 million ADA worth $40 million over the past week.
• The surge in staking activity can be attributed to a significant decline in ADA’s price.
• ADA has lost more than 16% of its value since the beginning of August 2023.

Cardano users have staked more than 157 million ADA over the past week. The surge in staking activity came after a decline of more than 5% in the world’s seventh-largest cryptocurrency by market capitalization. On-chain data shows that Cardano holders have staked a whopping $40.8 million worth of ADA since August 21, 2023.

According to Cardano Blockchain Insights obtained from Looker Studio, the percentage of Total ADA Staked went from 62.9% to 63.4% between August 21 and August 28. The nearly 0.5% increase in the metric represented approximately 157 million ADA staked by the blockchain’s users during this period.

As per CoinMarketCap, ADA is currently trading at $0.26, which would value the newly staked tokens at more than $40 million. ADA has lost more than 16% of its value since the beginning of the month, going from $0.31 to as low as $0.25 earlier this week. However, this price decline likely prompted the increased staking from ADA holders.

Additional insights from Looker Studio show that Cardano Blockchain’s transactions per day have taken a significant hit this month. Transactions per day fell from 60,000 on August 1 to a little over 46,000 on August 28. Meanwhile, the number of payments per day decreased by more than 42%, going from 216,000 to 124,000.

New ADA Wallets per day was one of the few metrics that registered visible growth over the past week, going from 901 wallets on August 21 to 1138 new wallets on August 28. Data from Coinglass showed that the total open interest on ADA perpetual contracts has gone down by 2.2% over the past 24 hours.