As a seasoned crypto investor with years of experience navigating the digital asset landscape, I must say that the recent surge in Cardano (ADA) is nothing short of captivating. The spike in transaction fees and the growing number of token holders suggests a burgeoning confidence in the Cardano blockchain, which has been steadily climbing since July 2022.
The total maount of transaction fees paid on the smart contract platform Cardano has recently hit its highest level in two and a half years, reaching levels that hadn’t been seen since March 2022 at 279,000 ADA.
As a data analyst, I’ve observed an interesting trend: Based on information posted by the pseudonymous cryptocurrency expert “C_THUMBS” on the widely-used microblogging platform X (previously known as Twitter), it appears that when the price of ADA surpassed $1, approximately 840,000 transactions on Cardano generated around 279,000 ADA in fees. This equates to a substantial sum of roughly $300,000.
Additionally, it’s worth noting that the community of ADA token holders has been consistently expanding since July 2022, as indicated by data from IntoTheBlock. This trend leads some analysts to conclude an increasing trust in the Cardano blockchain.
The rise comes as the price of Cardano trades above the $1 mark for the first time since 2022 after surging more than 176% over the last 12-month period, according to available market data. ADA surged more than 17% just in the past week.
The significant increase in Cardano’s price can be attributed to a rise in whale investments, as highlighted by cryptocurrency expert Ali Martinez. In fact, during the last month, these large-scale investors (whales) who hold more than $10 million worth of ADA have expanded their positions by an impressive 145% or more.
According to Santiment’s findings, Cardano appears to be going its own way, reaching nearly an 8-month peak in value. Moreover, the firm pointed out that the price ratio of ADA to Bitcoin is also at a high level, with the last time whale trading volume was this significant occurring before a substantial 26% increase in ADA’s price.
The surge in cryptocurrency prices, particularly that of Cardano (ADA), has significantly boosted the financial position of the Cardano Foundation. According to a recent disclosure, as of December 31, 2023, the foundation, which backs the Cardano ecosystem, reported holding approximately $478.24 million in assets. This total includes 82.5% in ADA, 10.1% in Bitcoin (BTC), and the remaining percentage in cash and its equivalent forms.
It’s quite possible that the worth of these assets has substantially increased due to the recent surge in cryptocurrency market prices. For instance, if the Foundation hasn’t sold any ADA, its holdings would have grown by over 100% within the last year.
The report outlines that the primary source of income for the Cardano Foundation is through the staking rewards from the ADA tokens they manage on the Cardano network. It’s mentioned that these 668.8 million ADA tokens yielded an additional 20.9 million ADA, which translates to a 3.1% return in the previous year.
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2024-11-29 16:31