As a report has it, there has been notable growth in Cardano’s on-chain activity lately. And this surge can be attributed to the spike in the number of addresses on the blockchain.
According to the data from IntoTheBlock shared by Ali Martinez, a prominent crypto analyst, the number of new daily addresses created on the Cardano blockchain has surged by relatively 167% to surpass 112,500 addresses.
According to the analyst, sustained growth in this metric usually precedes a notable increase in price volatility for the digital token ADA.
Read Also: Cardano Beats Bitcoin and Ethereum in Terms of Transaction Volume
Ali Martinez tweeted, “Cardano has seen a significant increase in on-chain activity! The number of new daily addresses being created on the $ADA network surged by 167% to hit 112.5K addresses. A sustained increase in this metric generally precedes a spike in price volatility for ADA.”
According to the data provided by Google Data Studio, Cardano blockchain has crossed the 31 million mark in terms of the number of transactions.
Based on the data, as of 16th February, the total number of transactions on the Cardano network stood at 31.4 million. It also shows that there was an addition of 1 million transactions since 8th February 2022.
Read Also: Cardano and Polkadot Exchange Traded Products (ETPs) Launch On German Stock Exchange
Several factors could contribute to an increase in the price of ADA in the medium term, as the digital asset is yet to reflect the favorable fundamentals of its network development.
A comeback of buyers, in an optimistic scenario, might see Cardano’s price hold its ground around the $1 support level and settle before another large rise. At the time of press, ADA is trading at $1.04, with a 2.6% price downtrend in the last 24 hours.
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