The number of new daily addresses created on the Cardano ($ADA) network has risen recently, with the number of new addresses created soaring 167% to reach a total of 112,500, apparently out of the blue.
According to Ali Martinez, an on-chain expert who first noticed the increase in on-chain activity using IntoTheBlock’s Net Network growth indicators, says that an increase in this metric generally precedes a spike in volatility for Cardano.
Cardano to the rescue?
The increase in Cardano’s addresses is also supported by recent statistics by Messari, which shows that, aside from Bitcoin, Cardano is the most active cryptocurrency in terms of transaction volume, exceeding Ethereum. Cardano has surpassed Ethereum in terms of transaction volume, with $15.06 billion compared to $6.71 billion for Ethereum.
Adjusted transaction volume remains a viable option for isolating only the most critical transactions. Cardano outperformed Ethereum in terms of adjusted volumes, with a 24-hour volume of $14.26 billion versus $5.20 billion for the latter. ADA users also paid cheaper costs than Bitcoin and Ethereum users.
In the last 24 hours, ADA users paid only $54,027.47 in transaction fees, compared to $0.44 million and $25.87 million for Bitcoin and Ethereum, respectively. Weeks after opening on the market, Cardano’s SundaeSwap reached a milestone of over 100 million ADA traded.
According to DeFiLlama data, decentralized finance (DeFi) applications already have close to $130 million invested in them. With nearly 98% of the total value locked, SundaeSwap has been leading the pack.
After the debut of SundaeSwap, Cardano developer Input Output recommended raising the network’s block size by 11%, from 72 to 80 KB.
According to CryptoCompare’s weekly Asset Report, Cardano hodlers increased by 10.9% to 309,000 in January, while cruisers increased by 5.85 percent to 3.19 million. Last month, the number of addresses with ADA reached a record high of 4.53 million.
At the time of publication, ADA was trading at $1.04, down 4% in the last 24 hours. In the medium term, several variables could lead to an increase in the price of ADA, as the asset has yet to reflect the positive fundamentals of its network development.