Despite Cardano’s (ADA) price declining, the network is witnessing a surge in activity. The number of daily active addresses recently surpassed 50,000, showcasing strong engagement even during a market downturn.
ADA Network Sees Increased Activity
According to data from on-chain analytics firm Santiment, Cardano’s daily active addresses hit 50,828 earlier this week. Cryptocurrency analyst Ali Martinez shared this data on X, highlighting the growing interest in the network.
Interestingly, Cardano whales have been accumulating large amounts of ADA. Reports indicate that over 100 million ADA tokens were acquired in just two days last week.
ADA Price Performance
Currently, Cardano is trading around $0.99, following a 12% drop over the past week. This decline comes after an impressive 200% surge that began in November. While the recent correction has affected short-term sentiment, the long-term outlook remains optimistic due to increased network activity and ongoing developments.
Cardano’s Upcoming Upgrades
Cardano is undergoing significant upgrades, with the recent Plomin hard fork bringing several improvements. This upgrade builds on the Chang hard fork introduced in September and enhances the network’s governance capabilities.
Through Plomin, ADA holders can now actively participate in the protocol’s future by delegating their voting power to Delegated Representatives (DReps) or becoming DReps themselves.
Beyond governance, the hard fork also introduces technical advancements. The inclusion of new Plutus primitives enhances smart contract functionality and offers better support for Stake Pool Operators, further strengthening the network.
Conclusion
Despite the recent price decline, Cardano’s growing user activity and upcoming enhancements signal strong potential for future growth. As whales continue accumulating ADA and major upgrades roll out, the long-term outlook remains promising.
