According to data posted by Cardano daily, Cardano saw nearly $2.3 billion in its market cap in the last few days, outperforming a number of blockchains.
Cardano (ADA) was a top gainer among the top 10 cryptocurrencies, rising as much as 15% on Oct. 26. This follows on-chain analytics firm Santiment noting that Cardano has never been undervalued the way it was since January 2019.
TOP MONEY FLOW IN LAYER 1 BLOCKCHAINS— Cardano Daily (@cardano_daily) October 27, 2022
In the last few days, the market has been hyped with the rise of Ethereum, leading the growth of all other layer 1 blockchains. Except for Ethereum, Cardano is the layer 1 that witnessed the largest growth!
#cardano #money #flow #layer1 pic.twitter.com/Qwi0ieVbId
On Oct. 22, Santiment wrote, "Cardano now sits at its lowest relative position compared to its realized value since Jan. 2019. This is a sign of undervaluation based on average trader losses. ADA's price doubled the following 3 months the last time its MVRV Z-Score hit this level."
After weeks of sideways trading, Cardano marked double-digit gains at its exit from the $0.3 range. In addition, Cardano added over $2.3 billion to its total market value as it demonstrated a 16% increase in the last seven days. Cardano currently retains the position of eighth largest cryptocurrency in terms of market capitalization, according to CoinMarketCap data.
Cardano's social engagement jumps 12.78%
According to Cardano daily, aside from Ethereum, which recorded $3.3 billion in inflows over seven days, Cardano outperformed similar to Layer 1 blockchains by seeing the largest growth.
Cardano also saw encouraging social statistics in the past seven days. According to LunarCrush, Cardano's social mentions spiked by 8.44%, while its social engagement rose by 12.78%.
At the time of publication, Cardano had erased most of its recent gains, down 1.21% in the last 24 hours at $0.40.
As reported by U.Today, Cardano is currently going through a network activity and daily transaction bull run. The Cardano NFT sector has gained the spotlight in recent weeks as NFT volumes hit new milestones.