Users can now access the full suite of tools for the Cardano blockchain
IntoTheBlock, a popular blockchain analytics company, has added support for the Cardano network.
The platform made this known in a tweet today, offering a 30% discount for its paid services to commemorate the event. Consequently, users will now be able to unleash the platform’s analytics arsenal on the Cardano chain.
We're excited to announce that @Cardano Analytics are now available on IntoTheBlock Analytics. Analyze the Cardano network with financial analytics, network analytics, and more.
🎁30% off with code "cardano30"🎁https://t.co/Ib3pVkJkdB$ada #cardano #analytics
— IntoTheBlock (@intotheblock) January 26, 2023
In the accompanying Medium blog post, IntoTheBlock shared some insights on the network, giving users a sneak peek at the information they can glean by using the service.
In financial analysis, using its In/Out of The Money indicator, the crypto analytics provider revealed that 76.6% of holders are holding at a loss. According to IntoTheBlock, it indicates that this might be an excellent chance to pick up ADA, the network’s native coin, for cheap.
Regarding network analytics, the platform asserted that the data indicated a steady rise in addresses since 2021. The metric now sits at about 4.3 million addresses with a balance. In addition, the network also boasts a steady 74.33k transactions daily.
Cardano also has a healthy holding distribution, according to IntoTheBlock. While whales naturally hold a significant portion of ADA, there are also several retail addresses per the data shared. According to the analytics firm, at least 30k individuals have between 100k to 1 million ADA. IntoTheBlock highlights that whales are accumulating, which usually precedes bullish price movements.
Notably, users can explore more insights using the platform and its indicators.
It is worth noting that Cardano has received more attention in recent weeks. In the wake of consistent development efforts on the network, ADA broke its months-long downtrend as at least 28 new whales have appeared on the network holding at least 1 million ADA.
At the time of writing, ADA is up over 55% since the beginning of the year, exchanging hands for $0.3828. It is worth noting that Djed, Cardano’s stablecoin, is set to launch next week. Users expect that it will lead to a significant boost in Cardano’s decentralized finance activity.
Over 1000 projects are preparing to launch on the network per its last weekly development report.