Cardano’s native token, $ADA, has surged past the $1 mark, signaling the onset of a potential bull run.
However, the price milestone is just one part of the story, as on-chain data reveals intriguing trends within the Cardano ecosystem.
The network has recently recorded over 840,000 transactions, with total transaction fees reaching 279,000 ADA. This level of activity hasn’t been seen since March 2022, highlighting a resurgence in network usage.
What's with the hype on Cardano?$ADA just smashed $1 at the start of the bull run. But that's not the only interesting data onchain-
There are over 840k transactions on Cardano with total fees up to 279k ADA
Last time they were this high was in March 2022
Few months before… pic.twitter.com/w3FuWFKSVm
— C_THUMBS || ₿ || (@C__thumbs) November 29, 2024
In contrast to its earlier days, when $ADA was primarily used as a speculative asset, the token has shown steady growth in its holder base since July 2022. This sustained increase in holders points to rising confidence in the Cardano blockchain and its expanding ecosystem.
Whales From Korea And Asian Markets Eye Cardano
A significant factor contributing to this bullish sentiment is the growing involvement of whales, particularly those from Korea and other Asian markets. These investors have been actively accumulating $ADA during the market’s consolidation phase. Notably, Korean whales now account for over 62% of Cardano’s 24-hour trading volume, underscoring their influence in the current market dynamics.
BIG BREAKING NEWS:
THE CARDANO KOREAN WHALES HAVE RISEN.
The whales in Korea and Asian countries are buying up more $Ada in the consolidated state of the market.
They're making up over 62% of the last 24-hour volume.
What do they know?
Is January a pompiano month? pic.twitter.com/WpgMprhIIi
— Mintern (@MinswapIntern) November 29, 2024
This combination of increased on-chain activity, rising transaction fees, and strong whale accumulation reflects a robust and maturing ecosystem. As $ADA moves beyond its speculative past, the token appears poised for further adoption and integration within the blockchain space.
With the ongoing interest from major investors and the network’s consistent growth, Cardano is cementing its position as a leading player in the evolving cryptocurrency landscape. As the bull market unfolds, all eyes remain on $ADA to see how it capitalizes on these favorable developments.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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Image Source: iuriimotov/123RF // Image Effects by Colorcinch
