Cardano Fundamentals Strong as ADA Price Rallies 5% Daily
TL;DR
- Cardano’s ADA sees a 32% rise in whale transactions and a 5% price increase, signaling positive momentum.
- November whale transactions surpassed October’s total, with ADA transaction volume hitting a three-month peak.
- ADA price jumped 50% from October, with a 384% yearly increase in ecosystem value, boosted by educational partnerships.
Cardano’s ADA is currently surging as the transaction counts from ADA whales surpassed $1 million and higher recently, a 32% increase in whale transactions. ADA is up 5% in the past 24 hours, and the prospects remain positive.
As per data from renowned blockchain intelligence firm Santiment (chart above), whale transactions spiked in November, with the first four days of the month seeing large volume transactions hitting a count of 3,213.
This number is higher than all transactions spotted in October, a significant increase in on-chain activity.
The transaction volume of ADA has increased alongside the number of whale transaction counts, going from approximately 237M to 330M, peaking at 332.08 earlier this week —the highest level in the past three months.
ADA remains strong, however, as it has been rallying since October —going from $0.24 to $0.37 at the time of writing, a 50% price surge. It seems like the altcoin season is benefiting ADA as traders seek out the hottest coins and tokens while BTC also rallies.
Moreover, the total value locked (TVL) in the Cardano ecosystem is now over $240M —a 384% increase from January of this year. What’s even more interesting is these are levels not seen since April 2022. The protocol’s TVL is not so far away from its ATH of $323M achieved in March.
One of the main drivers of this explosive growth is new integrations, such as the strategic partnership with the Institute of Blockchain Singapore (IBS), which seeks to provide crypto and blockchain education to the masses.
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