Cardano’s native token has recently undergone a notable decline in its value, with its price dropping by approximately 17% over the last month. During the same period, however, the on-chain activity has defied expectations.
According to the latest data by Santiment, Cardano’s surging transaction volume is noteworthy, given the contrast with its subdued market value compared to its April peak.
ADA has witnessed a 1,700% surge in its weekly on-chain transaction volumes since late January.
Data also suggest that the ongoing discussions and engagement rates surrounding ADA indicate that trader interest in the crypto asset remained unfazed by the depreciation in its price.
“Cardano is still seeing rising #onchain transaction volume despite its suppressed market value compared to its April local top. Utility plays an important role in any bounce, and this combined with adequate $ADA social dominance, is still promising.”
Meanwhile, Cardano even surpassed several prominent projects in terms of developer activity, including the likes of Hedera, Chainlink, and Cosmos in August.
This increased level of activity is essentially indicative of a commitment to innovation and potential improvements in the network’s capabilities.
On the NFT front as well, Cardano has been picking up steam as its NFT floor price skyrocketed, even briefly exceeding Ethereum, which has been a dominant ecosystem.
Meanwhile, the network holds a total value locked (TVL) of around $150 million, according to data from DeFiLlama, representing a substantial increase of nearly 200% since January 2023.
While the rising TVL does signal sustained interest in Cardano’s DeFi ecosystem, the decentralized exchange (DEX) volumes on the network declined over the past month.
The post Cardano’s Transaction Volume up by 1,700% Since January Even as Market Flatlines: Data appeared first on CryptoPotato.
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