- Cardano’s network activity remained strong as the TVL soared to new highs.
- The memecoin hype remained strong, and ADA continued to hold on to recent gains.
As a researcher with years of experience tracking cryptocurrencies, I must admit that the recent surge in Cardano [ADA] activity has caught my attention. The network’s TVL hitting an all-time high and the on-chain volume surging by over 1200% within a month is nothing short of astonishing.
This month, Cardano [ADA] has shown remarkable resilience, given its history of relatively low-key activity over an extended period.
How much progress has been made so far, and might we be entering a period of even more intriguing developments in the future?
One aspect that clearly illustrates the evolving story of the Cardano network is its Total Value Locked (TVL). On November 20th, this TVL peaked at a staggering $607 million, which was an all-time record for the network.
At its lowest point in August, the Total Value Locked (TVL) stood at just $202.42 million. In other words, the TVL fell significantly within a span of four months, with the majority of these losses happening in November.
The transaction volume processed directly on the Cardano blockchain experienced a significant increase in recent times, escalating from around $1.4 million on November 4th to approximately $17.34 million.
In my analysis, I’ve been pondering about the source of this remarkable growth. It appears that the primary catalyst for this surge has been Liqwid, a leading lending platform within the Cardano ecosystem. Over the past month, Liqwid has experienced an impressive 229% increase in activity, making it the key contributor to the overall growth.
During that timeframe, there was a notable increase of around 72% in usage on the most active decentralized exchange within the network, known as Minswap.
Cardano goes for a slice of memecoin hype
2024’s cryptocurrency surge saw memecoins take center stage, and Cardano wasn’t an exception. The platform’s leading memecoin, Snek [SNEK], has been creating a stir in the market, as evidenced by its market behavior.
SNEK rallied by roughly 283% from it lowest to highest price points so far this month.
By introducing SNEK memecoin, a path might be laid for additional similar tokens on the Cardano platform. This could stimulate increased network interaction and, in turn, boost interest in ADA.
Speaking of activity, active addresses remain notably high this month compared to last month.
On November 20th, approximately 71,000 Cardano network addresses were actively used. However, at the beginning of the month, that number was significantly lower, with around 25,000 active addresses.
It’s clear now that the network is undergoing a resurgence, given its previous prolonged period of little to no activity.
The surge in active addresses was also in alignment with ADA’s latest price surge. The cryptocurrency exchanged hands at $.78 at press time.
Read Cardano’s [ADA] Price Prediction 2024–2025
As a crypto investor, I’ve observed that Cardano (ADA) has been resilient in holding onto its recent gains, which means I haven’t felt pressured to cash out immediately.
Essentially, traders continue to be hopeful that ADA will experience a rise in price, given that the bull market is still expanding.
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2024-11-21 19:35