Saturday, June 10, 2023

Cardano Ends Five-week Sour Note


ADA, the Cardano network’s native token, is about to end its fifth week in a row on a sour note. It wipes out advances gained in the second part of March.

ADA is currently trading at $0.75, down more than 75% from its all-time high. The RSI fell into oversold territory on a daily basis. The previous time the price fell to this low was in February 2021.

The crypto market’s difficulties have largely been attributed to macroeconomic shocks created by variables. These would be the Fed’s aggressive interest rate policy and the ongoing conflict between Russia and Ukraine, which has resulted in a global supply chain stalemate.

A Jump in Retail Interest          

Despite the unexpected price volatility, retail interest in ADA appears to be expanding with each dip. More traders see it as a once-in-a-lifetime opportunity to purchase ADA at these low costs.

Cardano retail interest has been significantly expanding, according to IntoTheBlock. The AI-based crypto data analytics startup tweeted last week. They said that in just 30 days, the balance held by dealers – addresses kept for less than 30 days – had climbed by 186 percent.

Surprisingly, these addresses currently have a total of 33.7 billion ADA. It accounts for 36.144 percent of all ADA coins in circulation.

Over 200M ADA Scooped

Whales have also been gobbling up massive ADA stashes, as previously reported. Whale addresses with a balance of 1M to 10M ADA bought over 200M worth of ADA in the last six days. This is despite the fact that this group sold off its ADA holdings over a seven-month period, during which the stock fell by more than 60%.

According to a research, the overall number of ADA addresses has climbed by 2.99 percent to 5.2 million in the last 30 days. This is despite the fact that blockchain activity dropped in April.

The efforts put into creating the layer 1 network are responsible for Cardano’s growing popularity and adoption. Cardano is unquestionably one of the most interoperable networks available. It has a diverse set of Decentralized Exchanges, applications, DeFi protocols, and stable NFT marketplaces.

Algorithmic Stablecoin goes Live

DJed, a decentralized algorithmic stablecoin developed by COTI, became live on the Cardano network this week. It is a positive move that is expected to offer ADA a much-needed boost.

Cardano and IOST have announced that they will follow Terra’s lead and offer algorithmic stablecoins backed by digital assets. The two blockchains join the likes of Terra and Tron in not using fiat reserves to support their currency.

The proponents of this new paradigm argue that it results in a more decentralized system. It avoids the dangers associated with a centralized issuer and operator for a stablecoin.

Ivan Cruz
Ivan Cruz
Ivan Cruz is a writer for Cryptoconstellation. He has his Masters in Applied Research in Economics & Business. Ivan has been trading crypto for the past 7 years himself and feels it is his duty to bring you all the latest news.

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