Record High On-Chain Transaction Volume for Cardano

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It could be that the Cardano (ADA) price at $0.25 is undervalued in light of rising on-chain activity. Transactions on Cardano’s blockchain are increasing, according to Santiment Data.

As a result of ADA’s discussion rates, trader interest appears to be rising.

Despite the lower lows, Cardano’s on-chain transaction volumes have continued to surge to new higher levels, despite the lower lows. A recent tweet by the on-chain data analytics platform Santiment mentioned that Cardano (ADA) is experiencing significant daily volumes of on-chain transactions.

Notably, the recent rise in on-chain activity is on the heels of ADA’s suppressed market price, which has been lower than its 5-month high, which was last tested in April since the beginning of the year.

Specifically, according to data from the platform, the analytics platform mentioned that Cardano’s weekly on-chain transaction volumes have grown by 1726 percent between January and September 2023.

📈 .@Cardano is still seeing rising #onchain transaction volume despite its suppressed market value compared to its April local top. Utility plays an important role in any bounce, and this combined with adequate $ADA social dominance, is still promising. https://t.co/EbGxIN8wFd pic.twitter.com/Y9SRtbXLFq

— Santiment (@santimentfeed) September 4, 2023

In addition to the growing interest in the Cardano blockchain and its ecosystem, the Discussion Rates, a market sentiment indicator used to determine attitudes and moods towards cryptocurrencies, also indicate a growing confidence in the technology.

Santiment reported that Cardano‘s discussion rate had increased from 1.19 to 1.65 percent in the last two months. Thus, as a result, this is a good indication that traders are becoming more interested in the market.

Furthermore, this development comes when there is increasing interest in the Cardano DEFI ecosystem, which includes new platforms like MinSwap, Liquid, Indigo, and MuesliSwap that are being adopted by the community.

Cardano Bulls are striving to regain their position in the hopes of regaining the August 2023 high of $0.3027, which ADA/USD was testing about a month ago. There was a strong upward trend during the months of August and September, with the buyers attempting to rally upwards with a strong uptrend from $0.2600 to $0.2803.

However, massive selling at $0.2803 resulted in a strong downtrend by the start of this month, hindering Cardano’s attempt to cross the $0.3000 threshold. Cardano’s suppressed market value seems to be trading within a narrow range as shown below in a chart that shows its movement over the past few days, leading up to the beginning of the new month:

An intraday low of $0.2547 was recorded on today’s 24-hour chart, and an intraday high of $0.2594 was recorded on the 24-hour chart.

It is important to note that despite ADA’s narrow gain over the last few weeks, on-chain analytics also indicate that whale investors are continuing to HODL the coin. Between July 7 and August 7, Whales accumulated more than $150 million worth of ADA coins in their wallets between July 7 and August 7. According to some analysts, this could have acted as a catalyst for the surge to $0.3027 in August.

As a result of the sale of over 100 million ADA coins in the second week of August, the strong rally downwards might well have been fueled by the sale of these coins. However, Cardano’s next price action as on-chain transactions surge in volume is yet to be seen as we are still awaiting the outcome of the next price action.

Promising ADA Alternatives

As a result of the upcoming listing of Wall Street Memes on tier-one exchanges, it is making headlines. Several experts consider it among the most promising tokens with a potential of 10X.

As one of the largest communities in the crypto sphere, as shown by the massive engagement on social networks, the $WSM token aims to legitimize the love and support of its loyal supporters. This is an excerpt taken from the website that reads as follows:

Wall Street Memes is the tokenization of the retail movement against Wall Street’s orchestrated monopoly of financial markets.

To reduce the amount of sales pressure on the project, staking was recently introduced to offer income-earning opportunities while reducing selling pressure. A characteristic of staking mechanisms within the crypto ecosystem is their ability to achieve price stability, which is a unique characteristic. Moreover, it helps attract a larger number of investors, resulting in the project’s long-term growth and sustainability.

There is no doubt that the enormous profit potential of this project has caused a crypto whale to plunge $1 million into it as a testament to its success. During the course of the six minutes, this whale executed five transactions, resulting in the theft of 460 Ethereum worth of WSM tokens. It was estimated that the amount was worth approximately $840,000.

There had been a previous 93 ETH injection into WSM a fortnight earlier from this whale, which meant that this was not their first investment into WSM. Wall Street Memes are undoubtedly experiencing significant success due to the colossal level of confidence that they carry.

With only three weeks until the presale ends, it is time to take advantage of early entrant prices of $0.0337 before the presale ends. Don’t let anything get in the way of your participation.

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