admin • Cardano, a public blockchain platform, recently exhibited positive trends in various on-chain indicators.
• Transaction count and transaction volume have both increased significantly since the start of 2021.
• Major stakeholders have seen a 1,510% increase in net inflow over the last 30 days, suggesting possible whale accumulation.
Cardano Network Showing Positive Trends
Cardano is an open-source blockchain platform that has been gaining traction due to its advanced features like smart contracts and scalability. Recent on-chain analysis of the Cardano network has demonstrated an array of optimistic indicators including an upsurge in active addresses, increasing transaction volumes and increased staking activities.
Transaction Counts & Volumes Increasing
Despite bearish market conditions, Cardano’s transaction count has maintained stability with a 33.5% rise from its lowest point mid-April this year. Its daily transaction volume has also seen a notable increase with 205% year-to-date surge resulting in 26 billion ADA being transacted each day. A peak was also recorded recently with 98,000 transactions taking place on one day – a three month high for the network.
Whale Accumulation On The Rise
An eye-catching increase of +1,510% over the last 30 days has been observed in terms of net inflow from major stakeholders which could indicate possible whale accumulation as predicted by IntoTheBlock’s report. This is further emphasised by most activity being directed towards inflows rather than outflows according to their analysis.
Profits For Addresses
IntoTheBlock’s research suggests that 22% of addresses are currently profitable while 5% break even at present prices and 73% experience losses at current value points for ADA Coin (Cardano’s cryptocurrency). It remains to be seen if this will change as more whales enter into the market or if other external factors affect prices positively or negatively going forward..
Conclusion
The recent on-chain data for Cardano paints an exciting future for the network as it continues to grow and develop its offering through updates such as Alonzo paving way for smart contracts later this year. With increasing activity levels and potential whale accumulation taking place there is plenty of reason to remain bullish regarding ADA coin price performance going forward