Cardano Surges 50% in a Week Driven by Increased On-Chain Activity
Cardano has experienced a 50% rally over the past week, driven by significant on-chain activity. Key metrics indicate heightened investor interest.
Cardano On-Chain Metrics
On-chain analytics from Santiment show spikes in Transaction Volume and Whale Transaction Count for ADA. Transaction Volume measures daily transfer amounts on the Cardano blockchain, reflecting investor trading interest. Whale Transaction Count tracks transactions over $100,000, indicating activity among large investors.
The following chart illustrates trends in Transaction Volume and Whale Transaction Count for Cardano:
Both indicators have recently increased, suggesting overall network activity has risen. The current weekly Transaction Volume stands at approximately $52 billion, a seven-month high, while Whale Transaction Count is 8,900, the highest in six months. A similar surge occurred in June, leading to a 26% price increase.
This recent activity spike coincides with ADA's price rally. Increased interest may continue to support price growth, but it could also trigger profit-taking as investor gains rise. The direction of ADA's movement remains uncertain.
ADA Price
Currently, Cardano has returned 12% in the last 24 hours, ranking as the best performer among top cryptocurrencies by market cap.
