Although the price Cardano It showed strong weakness over the past few days, but network activity remained strong, achieving remarkable performance during this period. A recent report revealed that the leading blockchain has seen sharp growth in terms of on-chain modified volume.
Increase in the volume of modified transactions in Cardano
Leading Cardano network It appears to be growing and thriving significantly amidst the ongoing bearish price performance, causing ADA to fall back to the $0.60 mark. In a post on social media platform X, TapTools shown The flexibility of the blockchain as its modified size increases on the chain.
According to the expert, the network processed more than $6 billion in on-chain adjusted volume as of Thursday. On-chain volume eventually reached the above value after attracting an increase of more than 21%.
Specifically, this type of growth highlights a new wave of network activity, indicating that both traders and long-term holders are shifting their positions. like Ada In response to changes in the larger cryptocurrency market, this rise is likely a sign of rising liquidity and network usage.
It is worth noting that Cardano recorded a huge rise in on-chain modified volume despite a slight decrease in the number of active addresses on the blockchain. Data shared by TapTools shows that the total number of active addresses currently sits at around 21,930 after a 2.71% decline on Thursday.
This is a slight decrease in active addresses per day blockchain This may indicate that short-term users are pulling back due to the changing market environment. The chart also showed other key metrics such as the share of the top 100 holders, net unrealized gains and losses, and the supply distribution of STH versus LTH, among others.
The Cardano holder share of the Top 100 currently stands at 29.04% while the net unrealized gains and losses stand at 0.05. Meanwhile, the STH versus LTH bid breakdown shows that 48% of short holders are distributing, and 52% of long holders are distributing.
Institutional demand for ADA is growing
The decline in Cardano prices has not hampered institutional demand for ADA, either Proven Through notable accumulation from US cryptocurrency exchange Coinbase. Coinbase is doubling down on altcoins, with CBADA Guide to Reserves It rose to 17.48 million ADA.
TapTools highlighted that the platform acquired over 9.56 million ADA in less than a month, bringing the total supply to 17.48 million ADA. This spike represents an 83% increase in Cardano’s wrapped holdings, indicating that cross-chain demand continues to accelerate.
During this period, ADA Open Interest Coinbase also saw an increase. Data From TapTools it shows that ADA’s open interest on the platform has risen to $2.2 million. According to TapTools, this rise in open interest is another sign of increasing demand in the Cardano market.
Featured image from Unsplash, chart from Tradingview.com
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