Cardano’s onchain transaction volume has been rising steadily in recent months, even as the price of ADA has remained suppressed. This suggests that there is increasing activity on the Cardano network, which could be a bullish sign for the future price of the token.
Onchain Transaction Volume Hits +1,726%
According to data from Santiment, Cardano’s weekly onchain transaction volume has increased by 1,726% since late January. This means that there are now more people using the Cardano network to send and receive tokens, stake their ADA, and participate in decentralized applications.
The rising onchain transaction volume is likely due to a number of factors, including the launch of smart contracts on Cardano from onset, the increasing number of DeFi projects being built on the network, and the growing interest in Cardano from institutional investors.
While the price of ADA has not yet reflected the increasing activity on the network, this could change in the future. If the demand for Cardano continues to grow, the price of the token is likely to follow.
Strong Social Dominance Metric
In addition to the rising onchain transaction volume, Cardano also has a strong social dominance metric. This means that ADA is being talked about a lot on social media, which is another bullish sign.
Overall, the combination of rising onchain transaction volume and strong social dominance suggests that Cardano is still a popular and active network. This could bode well for the future price of ADA.
Here are some of the factors that could contribute to a rise in the price of ADA:
- The continued development of DeFi projects on Cardano.
- The increasing adoption of Cardano by institutional investors.
- The launch of new dApps on Cardano.
- A general bull market in the cryptocurrency market.
However, there are also some risks to consider:
- The competition from other blockchain platforms.
- Technical issues with the Cardano network.
- Negative news about Cardano.
Overall, the outlook for Cardano is positive. The network is seeing increasing activity, and there are a number of factors that could contribute to a rise in the price of ADA in the future.
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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