Retail Interest in Cardano picks up as price jumps 18%

Paigambar Mohan Raj
Source: Pexels

According to the data provided by IntoTheBlock, it seems retail interest in Cardano (ADA) has been increasing. As per the firm’s data, addresses holding for fewer than 30 days – known as traders, on the blockchain – have boosted their holdings by 186% in the previous 30 days.

After substantially acquiring over the previous few weeks, these trading addresses currently possess 36.14% of the ADA supply.

This comes in conjunction with whale addresses entering an accumulation mode. According to Santiment, the popular analysis firm, Cardano (ADA) whales holding 1 million to 10 million ADA tokens have added an additional 196 million tokens. This follows a 7-month period of dumping, the analytics firm said.

Developments on Cardano

Cardano had faced a lot of criticism for not being timely with their launches. The project had made bold promises, which on many accounts, they failed to deliver.

However, of late, Cardano has been getting back on track with a host of releases on their platform. ADA now has nearly 900 projects being built on its platform.

Yesterday, the much-awaited Djed testnet went live for users to test and use. Djed has been developed by COTI, working closely with the team at ADA.

Additionally, the Cardano NFT (Non-Fungible Token) marketplace is also picking up steam. The platform now has several collections on the table, with offers on many of them.

Moreover, according to the data on IntoTheBlock, Cardano’s correlation to Bitcoin is currently at 0.96, pointing to a strong positive correlation between the two tokens. Cardano prices should be following the original cryptocurrency in this regard.

ADA has also entered the greens in the 24-hour chart, up by 12.4%. At press time, Cardano was trading at $0.878411. The token is still 71.5% below its all-time high of $3.09, which it attained on 2nd September 2021.