Contents
Cardano’s price increased more than 30% in the last 30 days after a spike in its network activity.
Cardano’s Network Activity Spike. The arrival of new investors to the network’s DeFi ecosystem and the current expectations around its near future have positively impacted Cardano’s ADA price throughout this month. Recently published reports reveal that Cardano’s native network cryptocurrency, ADA, could verge a steep rise on the back of possible whale movement looming within its ecosystem.
Whales waiting?
The data published by the analysis platform Santiment shows that the price of ADA has risen more than 30% in the last 30 days, a reaction mainly associated with the announcements made by Cardano’s team and the current expectations around the project’s future.
According to Santiment, this is not due to the movement of whales within the Cardano ecosystem, precisely because transactions worth more than $100,000 in the digital currency have been falling compared to other times. The last time large holders of ADA moved to sell their assets was in early March, coinciding with a downward correction in the cryptocurrency price.
Increased activity in DeFi on Cardano
As revealed by several analyses, one of the aspects that would positively impact the volume of capital moving on Cardano’s network is the activity its DeFi platforms are registering.
One of the most notable is the performance of the DEX Minswap, whose Total Value Locked (TLV) has increased by more than 80% in the last seven days, now exceeding $184 million.
Figures reflected by various reports highlight that with the currently capitalized results, Minswap has overtaken SundaeSwap as the dominant protocol over the Cardano network, whose Yield Farming programs are proving very attractive to digital currency holders.
Other announcements
Among other developments that would positively impact the Cardano ecosystem is the recently announced by asset manager WisdomTree, which launched new products tradable on the German and Swiss stock exchanges related to the Blockchain project’s digital currency and Solana and Polkadot.
On the other hand, new implementations on the Cardano network are expected throughout 2022, aiming to improve aspects linked to the network’s scalability, which will positively impact ecosystems with high trading volumes, such as DeFi.
ADA’s price rounds $1.16 per unit, which despite going down at this time with a 3% drop compared to yesterday, capitalizes on gains of 37% in the last 30 days.