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More milestones for Cardano; Can ‘built for purpose’ ADA hold out

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Source: Unsplash

Cardano’s blockchain continues to make progress, despite a few headwinds over the years. However, why isn’t the native token ADA reciprocating the same trend? Well, that’s something many in the community are wondering about as well.

This is blowing up 

Cardano is in the news today after it pictured an impressive surge in on-chain activity. According to data from on-chain analytics firm, Messari, the 24-hour transaction volume stood at $17.04 billion at press time.

In comparison, the transaction volume on the Bitcoin network was $18.85 billion. On the contrary, Cardano surpassed Ethereum and Litecoin on this front, with transaction volumes hitting $5.25 billion and $7.20 billion, respectively.

Source: Messari

This isn’t the first time the network is hitting such a milestone this year either. In fact, on 14 February, its 24-hour transaction volume topped $35 billion and on 19 February, it hit $31 billion.

Worth noting, however, that these figures are still far from the $138 billion all-time high set on 3 September last year.

Source: Messari

In addition to this, the total number of transactions on Cardano hiked by 480% from 5.5 million on 30 March 2021 to nearly 32 million on 20 February 2022.

New daily addresses created on the ADA network surged by 167% to hit 112.5K addresses. On 14 February, ADA outpaced Bitcoin and Ethereum for most transaction activity (adjusted transaction volume in the last 24 hours).

In many ways, these developments seem to suggest Cardano is not exactly the ‘vaporware‘ projected by different critics.

It’s worth pointing out that Ethereum remains the leader across several other key network usage metrics. For instance, ETH has over 76 million addresses to Cardano’s 3.4 million addresses.

Same old love

Source: IntotheBlock

And yet, despite everything underlined above, ADA hasn’t quite reciprocated positive on-chain metrics sentiment.

According to CoinMarketCap, it depreciated by 15% in the 24 hours before press time. In fact, it fell to as low as $0.83 on the charts. Furthermore, around 4.37 million ADA Hodlers faced huge losses with only 17k users making profits.

Even so, some members of the Cardano community remain optimistic and upbeat, with some #ADAGang members tweeting,

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.

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