Cardano (ADA) Dips to $0.34 After 63.5M Whale Action

The Cardano ecosystem displays promising and ongoing development.

Cardano whale dips into pool of ADA crypto tokens
  • Cardano has witnessed a remarkable volume of transactions.
  • The price of ADA has reached its highest increase since the SECP upgrade.
  • The Cardano ecosystem displays promising and ongoing development.

The Cardano (ADA) ecosystem is undergoing continuous development in preparation for the Age of Voltaire. The fifth and final stage of Cardano’s evolution will make the network fully decentralized and self-sustaining.

Amidst Cardano’s remarkable ongoing growth and recent whale action, the price of ADA briefly increased to $0.38. The uptick has displayed a promising uptrend for the first time since the SECP upgrade.

However, the native cryptocurrency of the Cardano network has dipped once again.

Cardano: A Budding Ecosystem for ADA

Over the past few months, the Cardano network has been budding with updates, developments, and partnerships— including the Input Output (IO) report on the development of Cardano.

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According to the report, there are five key highlights blooming across the ecosystem. IO reports that dynamic peer-to-peer (P2P) networking is now available on the Cardano mainnet. The Cardano Lace wallet development continues alongside improvements to Daedelus wallet features. 

Work also continues on Cardano’s Layer-2 scalability solution, Hydra, and its node mainnet compatibility. Finally, Cardano’s Marlowe blockchain-agnostic is improved with new features, and CIP-1694 governance discussions continue across the ecosystem.

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Beyond the network developments, Cardano witnessed a transaction volume of 63.5 million ADA coins over the last week.

Cardano weekly development report from Input Output

Source: Input Output

Beyond the volume of ADA moving around, multiple developments on the horizon grab the community’s attention. The increased adoption of smart contract capabilities pushes the demand for ADA as the community is prepping for upcoming launches.

Upcoming Cardano network upgrades include the Mithril team running the last milestones to make the Mithril beta version available on mainnet. The Daedalus team has improved the starting screen for its wallet, and work continues on Lace desktop development.

ADA records a boost in adoption after the commercial arm of Cardano Emurgo slotted in a partnership with Thailand’s “biggest cryptocurrency exchange,” Bitkub.

Furthermore, IO and Cardano founder Charles Hoskinson asks the community to volunteer and weigh in on the CIP of governance security on the network. Hoskinson says this is a critical workstream as the network moves toward the Age of Voltaire.

At the time of writing, ADA is trading at $0.34, recording a notable increase of 30.93% over the past three months. Cardano’s native cryptocurrency remains at an 88.88% dip from its all-time high (ATH) of $3.09, recorded on September 2nd, 2021.

On the Flipside

  • 80% of ADA holders are currently “Out of the Money,” according to IntotheBlock.
  • Cardano recently claimed the #7 rank by market capitalization, according to CoinMarketCap.

Why You Should Care

Beyond the expansion of the Cardano ecosystem, the community still awaits a breakout for the price of ADA. A sustainable upward trajectory is expected to align ADA with the continued growth displayed by the broader Cardano network.

Read more about the inner workings of Cardano:
Cardano (ADA): What Is It, and How Does It Work?

Read more about Web 3.0 ideology at PBW:
LVMH: “Web 3.0 Ideology” Is Hurting Adoption – Paris Blockchain Week

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Monique Brelage

Monique Brelage is a South African cryptocurrency news reporter at DailyCoin focused on the Cardano (ADA) and Solana (SOL) ecosystems. She aims to convert complex topics into digestible and engaging news pieces for readers of all knowledge levels.   Before her journey with DailyCoin, Monique has immersed herself in the realm of NFTs and Web 3.0 since 2019. Her experience in multiple industries enables her to conduct critical analyses and convert it into her writing. She acknowledges the profound impact decentralization, Web 3.0 technology, and everything beyond will have on the future.   Monique completed a Bachelor of Communication from NWU in 2020. Her background in media studies, creative writing, and philosophy helped shape her method of news curation, thereby ensuring a broader perspective to help readers remain critical of what they see. Monique's articulation, writing quality, and work ethic are professional qualities she takes pride in.   Monique lives on a farm in South Africa with her partner and cat. She works on her NFT and tattoo art in her free time, and enjoys the natural world around her. She likes reading material that broadens her perspective, indie music, and video games to blow off some steam.