Cardano (ADA), currently the eighth-largest cryptocurrency by market capitalization, has shown consistent growth since the beginning of the year, reaching its peak at $0.764 on March 2nd. Active addresses, indicating the wallets engaging in one or more transactions on the blockchain in a given day, stand out as a key metric showcasing Cardano’s network health and growth.
Network Activity:
Cardano has witnessed a steady increase in daily active addresses since the start of the year, aligning with the rise in ADA prices. Another metric reflecting activity on the Cardano network is the total number of transactions. With a notable increase of 3.1 million transactions compared to the previous month, the total transaction count has reached 85.8 million, as reported in the latest developments in February.
Large Transactions and Whale Activity:
Input Output Global (IOG), the company behind Cardano, recently processed significant transactions totaling 37.26 billion ADA, equivalent to $27.61 billion in the last 24 hours. Since February 26th, Cardano has experienced a consistent uptick in large transaction volumes, indicating the total amount handled by crypto whales—transactions exceeding $100,000.
Positive Network Indicators:
These network indicators suggest that Cardano (ADA) is not only experiencing an upward price trend but is also witnessing growth in terms of users, value, and utility. In a recent tweet, industry expert Ali highlighted the healthy uptrend in Cardano, citing a significant increase in daily active ADA addresses, transaction volume, and whale transactions. Ali believes that this growing activity indicates robust network participation, investor interest, and positive signs of continuous growth.
Read more Cardano’s ADA Achieves Remarkable 16.5% Surge, Nearing 20% Milestone
Current Market Status:
As of this report, ADA has experienced a 2.69% decrease in the last 24 hours, reaching $0.71, reflecting overall market profit-taking. However, the cryptocurrency has surged by 20% in the past seven days, showcasing resilience in the face of market fluctuations.
Blockchain Milestone:
A significant milestone for Cardano occurred on March 1st, with the staking of the 10 millionth block on the Cardano blockchain by the JAPAN4 pool, marking an exciting achievement for Cardano and its community.
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