17 Mrz

Cardano [ADA] Sentiment Rises as TVL Hikes and Bank-Free Crypto Pushed

Overview of Cardano

• Cardano, a decentralized Proof-of-Stake (PoS) blockchain, has been receiving consistent neglect by crypto investors.
• On-chain data reveals that social dominance and development activity have been low since February 26th.
• Whale activity has been increasing since January, although there is no confirmation that ADA’s current value is close to its bottom. Total Value Locked (TVL) has also increased significantly over the past 30 days.

Social Sentiment Rises

The lack of attention given to the network might be surprising though, especially as the ecosystem reacted positively to recent crises in the industry. Social dominance gauges the percentage of discussions around an asset among the top-100 per market capitalization and it hit 2.687% on 14 March, confirming that Cardano’s mentions across socials had become mainstream.

Whale Activity Increases

According to Santiment, Cardano transactions in the $100,000 to $1 million range have been hitting several highs since January. In fact, at the time of writing, a hundred ADA $100,000 transactions had taken place already on 15 March. These values describe a „buy the dip“ situation however there is no confirmation that ADA’s current value is close to its bottom yet.

Development Activity Stagnates

The project’s Development Activity metric did not measure very highly at press time and it fell slightly but remained around the zone it has occupied since March began implying that there has been no notable demand for upgrades on Cardano yet.

Total Value Locked Rises

Total Value Locked (TVL), which measures total value of all crypto-assets staked or locked up in a protocol saw an increase of 188.01% over last 30 days helping Cardano jump into top-20 chains per TVL list as well.