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Cardano Flag Now on Mount Everest as ADA Price Rises by 4%

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Mon, 05/16/2022 - 14:52
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Tomiwabold Olajide
Cardano recovered, reaching highs of $0.613 on May 16 after three days in the green
Cardano Flag Now on Mount Everest as ADA Price Rises by 4%
Cover image via stock.adobe.com

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As the Cardano flag reaches the summit of Mount Everest, Cardano founder Charles Hoskinson has praised the community's dedication. "We got marketing," says the IOHK CEO, praising Cardano's strong community. ‘’It now has three million members and is growing."

According to the Cardano Insights Twitter account, the project's subreddit is approaching 700,000 users. Overall, Cardano now has 937 projects in development, up from 925 previously.

Cardano has recently released 84 projects, while the total number of NFT projects is up to 5,549. According to the latest figures published by IOHK, Cardano native tokens have also increased to 4.7 million.

Cardano price action

Cardano dropped to lows of $0.39 in the past week as the crypto market experienced a sell-off. Cardano recovered, reaching highs of $0.613 on May 16 after three days in the green. Cardano is currently losing ground after gaining over 4% during the day. Cardano was trading at $0.553 at the time of publication, after hitting intraday highs of $0.613.

On-chain analytics, Santiment noted heightened whale activity for the seventh-largest cryptocurrency over the weekend, which was reflected in the three-day bounce.

"Cardano's whales showed a flurry of transactions yesterday as prices were bottoming out to $0.40, between 8 am and 12 pm UTC. These spikes have very commonly indicated price direction changes for ADA, and we’re monitoring further whale activity closely."

According to data from DefiLlama, the Cardano DeFi ecosystem has attracted nearly $20 million more in funds since May 13. This is reflected in the surge in the total value locked (TVL) from roughly $118 million on May 13 to $137 million on May 16. Cardano is recording a positive 24-hour change of nearly 6% in its total value locked (TVL).

Without the inclusion of staked governance tokens in TVL valuation, Cardano's TVL stands at about $174.74 million. While the increase might seem insignificant, Cardano's TVL (staking included) has steadily declined since peaking at $434.74 million on March 28.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.