Cardano (ADA), a top-ranked cryptocurrency, has seen a remarkable increase of over 20% in its value in the last ten days. It reached $0.30, a level not seen since August. This is part of a wider recovery in the crypto market.
According to Santiment data, Cardano has witnessed a high level of activity among old wallets holding ADA. On Monday, the network recorded the highest movement of dormant coins since April 2022, indicating that more coins are re-entering the market. Also, wallets holding 100,000 to 10 million $ADA are accumulating more.
🐳🦈 #Cardano has hit a major dormant coin activity milestone. Monday marked the highest amount of older wallets moving $ADA since April, 2022, indicating more coins are moving back into circulation. 100K-10M $ADA wallets are also accumulating again. https://t.co/TwwQkHZbzA pic.twitter.com/kDjntuV7AS
— Santiment (@santimentfeed) October 31, 2023
Cardano (ADA) Achieves Impressive Q3 Results
The ADA price surge follows strong Q3 results for the Cardano ecosystem. Cardano also recorded significant growth in its Decentralized Finance (DeFi) Total Value Locked (TVL) in Q3. This metric rose by 198% quarter-over-quarter (QoQ), boosting Cardano from rank 34 to rank 15. Cardano’s ecosystem has been very active.
Project Catalyst Fund10, supported by the Cardano Treasury, funded 192 projects from a pool of 50 million ADA1, encouraging innovation and development in the Cardano community.
Cardano has also maintained its leadership by having the highest developer activity in October. Cardano outperformed its competitors with 505 events recorded in its GitHub repositories this month.
In October, the Cardano team launched a significant project. This was the first social media application designed to unite and empower Cardano enthusiasts, thereby aiding the growth of native projects.
The application, known as Cardano Spot, provides a comprehensive platform for introducing Cardano native projects and their communities. This social media app enables Web3 users to engage with and gain knowledge about the Cardano ecosystem, encompassing a variety of topics such as decentralized finance (DeFi) projects, and NFT projects, among others.
At the time of writing, Cardano’s ADA is valued at $0.300, reflecting a slight growth of 0.28% within the last 24 hours. In summary, Cardano’s recent rise, driven by its strong price performance and robust ecosystem development, has sparked a new wave of optimism within the Cardano community.
