The increase in Cardano transactions could suggest that ADA is no longer in the woods.
Cardano has recently experienced a surge in transaction volume despite its native cryptocurrency ADA facing a turbulent start to the year.
This is according to crypto analyst “Elite XBT,” who took to Twitter to highlight the movements of ADA coins on the network today. As per the pundit, Cardano’s transaction volume has performed exceptionally well since the start of the year despite the price coming under heavy pressure.
The pundit says the transaction volume of ADA has been steadily increasing this year and has remained stable despite price fluctuations.
Despite falling below 10B ADA in early January, Cardano’s transaction volume is now back above 20B ADA, on its way to reclaiming last year’s ATH of just above 50B ADA. This attractive performance can partially be attributed to an uptick in buying activities by ADA whales.
Recently, crypto analyst “Ali” highlighted the spike in large transactions, signaling that Cardano network activity is heating up as institutional players and whales make their moves. Sharing a chart from IntoTheBlock, the pundit further noted that “this is a bullish sign supporting the ADA uptrend.”
Cardano Weekly Development
Today, Input Output Global (IOG), the organization behind Cardano’s research and development, shared its weekly development report, showing that the Cardano network has processed an impressive 65.4 million transactions in the past week.
Another week, another #Cardano development update, now live on #EssentialCardano. Check this week’s highlights and get the latest on core technology, wallets and services, smart contracts, and scaling and governance developments. https://t.co/hxuEFoQVGN
— Input Output (@InputOutputHK) April 28, 2023
The continued surge in transaction volume can also be attributed to the ecosystem’s remarkable growth and achievements attracting more users. According to the IOHK report, 126 projects have since launched on Cardano, with 8.18 million tokens being created. Furthermore, 1,230 projects are actively building on the layer-1 blockchain, up from just under 1,000 at the same time last year. As expected, these projects are fuelling the use of ADA as they transact on the blockchain. That said, the increase in transactions is seen as a bullish sign supporting the ADA uptrend.
Despite starting the month on a promising note, ADA fell last week and has since struggled to gain ground amid a broader crypto market pullback. At press time, the crypto asset was trading at $0.40, down 0.93% in the past 24 hours.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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