Cardano (ADA) Daily Active Addresses Increases 90% Despite Dull Market
As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.
Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase
Cardano network has seen significant increase in daily address activity by almost 90% after the number of delegated wallets on the network skyrocketed 1.2 million addresses.
On November 25, Charles Hoskinson, CEO of Input Output Global (IOG), took to Twitter Ice news about the Cardano Network spike. This comes at a time when the crypto market is running below a huge selling pressure due to FTX collapse. The collapse of what was once one of the world’s leading cryptocurrency exchanges fueled a catastrophic series of events.
The explosion left an estimate 1 million creditors totaling billions of dollars in losses. Several prominent companies exposed to FTX, such as BlockFi and Genesis, are on the brink of possible bankruptcy. Digital assets came under heavy selling pressure, which caused a significant drop in valuation Bitcoin (BTC) hits two-year low. At the same time, Ethereum (ETH) and major altcoins such as Cardano (ADA), Solana (SOL) XRP fell significantly.
Why the daily addition of active addresses?
Meanwhile in Cardanoland https://t.co/YazNexsgKd
— Charles Hoskinson (@IOHK_Charles) November 24, 2022
Despite the harsh conditions of the crypto market in recent weeks, the Cardano network has experienced a remarkable rise. The number of 24-hour address activity on the Cardano network multiplied, which could also be due to the selling pressure of ADA after the last two days.
This happens when large owners seek to profit or limit their exposure to assets, transfer huge amounts of tokens from cold and hot wallets to the exchange, which increases network activity to local peaks. However, the latest development did not appear to have an immediate impact on Cardano (ADA) prices.
A sudden spike in activity can also result the activity of the network’s blockchain developers increases. Recently, the Cardano ecosystem has doubled in number of new launches.
Increasing the activity levels of the Cardano network
Recently, the Caradno developer partnered with the COTI Network, a DAG-based Layer 1 protocol, to launch a new algorithmic stable coin. ‘grandfather’ in June 2023. Stablecoin simplifies transactions where users can exchange native Cardano (ADA) tokens on decentralized exchanges (DEX) with low fees.
Hello Midnight https://t.co/Dy3BK45qUs welcome to Cardano
— Charles Hoskinson (@IOHK_Charles) November 18, 2022
On the other hand, the Cardano blockchain is also launching a new privacy-focused blockchain called “Midnight” and the token is called “DUST” to support the network. Earlier this month, EMURGO, Cardano’s official commercial arm and founding entity, announced USDA stablecoin launch to protect Web3 participants from crypto market volatility.