Cardano’s ADA has increased by 18 percent in value in the past week. On Sunday, it saw a 7.5 percent surge, reaching $0.348808, marking its highest level in about four months.
Cardano’s value has been steadily increasing, thanks to significant contributions from prominent investors. In the last two weeks, ADA prices surged by 33.3 percent, accompanied by a nine percent increase in market capitalization, as per on-chain analytics platform Santiment.
A similar improvement was seen in Cardano’s monthly price movement, with the coin experiencing a 30.1 percent increase, according to data retrieved by CoinGecko. Meanwhile, According to the latest data from DeFiLlama, ADA’s total value locked (TVL) has surged to $235.1 million, marking a 39 percent increase over the past month.
Analysts argue that factors such as increased whale activity and decentralized finance (DeFi) involvement might have played a role in boosting ADA’s prices. Four of ADA’s significant DeFi projects, namely Indigo, Minswap, Liqwid and Optim Finance, have shown growth in the past four weeks, aligning with the coin’s price rise.
Recent data from Santiment reveal a substantial surge in whale transactions. On November 4, there were more than 1,740 ADA transactions valued at over $1 million, the highest since early 2022.
Despite these achievements, ADA has shown lackluster performance in 2023, with a decline of over 92 percent from its all-time high of $3.09 in September 2021.
In light of a strong developer engagement, the crypto community suggests a possible resurgence in ADA’s price, potentially reaching $8 or even $12 in an extremely bullish market.
However, crypto journalist Brenda Ngari noted that for Cardano to reach or surpass $12 in the next bull market, it must sustain the growth and fulfill its commitments, especially the scheduled updates for 2023.
Charles Hoskinson, the CEO of Input Output Global (IOG), called Cardano the “trust foundation” of the crypto industry at the Cardano Summit 2023 in Dubai. He highlighted Cardano’s achievements and discussed its promising future in community governance and innovative technologies.
“Not too long-ago Cardano was very small but we had a great vision,” Hoskinson said. “.…if you think about what we’ve achieved over the last seven years…it’s pretty remarkable and we’re just getting started.”
Hoskinson said Cardano had shown impressive resilience and trustworthiness by operating smoothly for five years without any issues.
“The fact that Cardano has never failed in 5 years, it’s always been running 24 hours a day 7 days a week, it’s become effectively the root of trust of the entire cryptocurrency space there is no engine better-there is no code better than what we’ve re we’ve written,” he said.
At the summit, Hoskinson introduced a new framework called “Partner Chains,” which aims to revolutionize how new blockchains are created and managed. This innovation combines modular blockchain technology with Cardano’s strong features, such as security and reliability.
He explained that this framework would enable developers and validators to make the most of Cardano’s strengths and use new Cardano tech to build efficient partner chains.
The newly introduced data protection-focused blockchain, Midnight, will be the first partner chain to adopt this innovative framework.
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