Cardano Soars 36% in 2 Weeks Amid New Partner Chain Announcement

Santiment, an analytics platform, recently reported that Cardano has experienced remarkable growths over the past few days.

📈 #Cardano has been the big story Thursday, with its market cap growing +9% in the past 24 hours and now +36% over 2 weeks. As usual, #onchain activity hinted at this #bullish action with $ADA address activity & whale transaction at their highest in 3+ months.… — Santiment (@santimentfeed) November 2, 2023

According to the report, the cryptocurrency’s value surged by 9% on November 2nd, and followed by a 4.24% gain on November 3rd, resulting in an astonishing 36% increase in just two weeks.

Notably, Cardano’s address activity has also seen a significant uptick, with a 23% growth in the past three weeks, highlighting the adoption and usage of the Cardona platform.

Furthermore, Whale activities have also shown a 32% increase over the same time period. On the 2nd of November 2023, three dormant Bitcoin Whales that had been inactive since November 2017, collectively moved 6500 BTC, equivalent to approximately $230 million. 

The first address transferred a total of 2550 BTC (approximately $90 million), the second address sent around 2000 BTC(71 million), and the third moved roughly 1950 BTC (69 million).

The recent price surge coincides with an announcement made at the Cardano Summit 2023 by the project’s founder and CEO, Charles Hoskinson. During the summit, the CEO introduced a new framework that will enable developers to create their own partner chains on the Cardano network.

This announcement has sparked excitement within the Cardona community, and is likely a contributing factor to the increased activity and price growth.

According to Coinmarketcap, Cardano is currently trading at $0.3208

Cardano Soars 36% in 2 Weeks Amid New Partner Chain Announcement

Cardano’s Current Price | Source: CoinMarketCap

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2023-11-04 17:08