Post an 11% hike, Cardano scores big in the fundamental game too

Lavina Daryanani
Source: investing.com

With its latest uptrend on the price charts, Cardano has started making its way back to the crypto-news headlines. Over the past day, ADA was perhaps the only major altcoin to have posted double-digit gains. After inclining by close to 11%, ADA was seen trading at $1.56 at the time of press.

With a swollen market cap of $51.18 billion, ADA also managed to overtake SOL on the ranking chart and stood at the fifth position, right behind BTC, ETH, BNB, and USDT.

Cardano is just heating?

The project’s fundamentals have started getting back in the shape of late. Over the 24-hours, Cardano was the third most used blockchain in the space. Earlier during the day, Cardano had also managed to clinch the second spot.

Consider this – As per data from Messari’s ‘most active chains‘ dashboard, for over 5.31 billion in transaction volume over the past 24-hours on Cardano, only $75,380.88 in fee had been collected.

For context, in the same timeframe, the fee on Ethereum for $5.59 billion in transaction volume stood at a whopping $43.9 million.

Source: Messari

Replying to a tweet highlighting the same on social media, the project’s founder Charles Hoskinson said that things were “just getting started” for Cardano and “it’s just January.

In retrospect to the aforementioned on-chain feat, Cardano’s active address ratio was seen hovering at a one-month high level at the time of press.

Source: IntoTheBlock

Well, Cardano has always had an ambitious roadmap and its plans for this year too look quite compelling.

Alongside the price hype, the Cardano community is also evidently excited about the launch of the SundaeSwap mainnet on Thursday. SundaeSwap, as such, is the first decentralized finance exchange on the Cardano blockchain,

SundaeSwap, like most other DEXes, uses smart contracts to match token trades between users and distributes a portion of trading fees back to the investors who provide liquidity to the platform via yield farming. Their recent blog update highlighted that exchange users would be able to earn SUNDAE rewards in the first six months following SundaeSwap’s launch.

The sole question mark – Will ADA’s rally continue?

As far as tokenomics are concerned, the number of Cardano HODLers has witnessed a 6.25% MoM increase, as per data from ITB, which is quite a positive sign.

Also, the ADA market has enough buying pressure at the moment. Over the past 12 hours, for instance, the buy-sell difference reflected a positive value of 32 million tokens, pointing towards the bull-side momentum.

In fact, the token also managed to seal a spot for itself amongst the top searched coins on Binance.

Well, Cardano’s price has not always reacted positively to the developments happening within its ecosystem. The Alonzo hard fork, for starters, was supposed to act as a major catalyst and pull the asset’s price up in September. However, ADA embarked on a 4-month downtrend post the said upgrade. Thus, it’d be interesting to see whether or not the launch of SundaeSwap would foster ADA’s rally in the days to come.