Cardano ($ADA) Is ‘In the Midst of a Mini Bull Run in Network Activity’
Earlier today (October 25), a very popular pseudonymous Cardano educator pointed out that Cardano is “in the midst of a mini bull run in network activity.”
“ADA whale” took to Twitter earlier today to comment on Cardano’s healthy on-chain fundamentals:
For example, as you an see, based on data from Bitquery, for the past one-week period, Cardano’s number of transactions per day has been averaging around 90,000:
“AD whale” believes the two main reasons for all this network activity is the growing popularity of NFT projects and decentralized exchanges on Cardano.
On October 22, “ADA whale” said that he expected Cardano to really shine in the next bull cycle once “DeFi, NFTs and community activity” are really “exploding” since currently institutional investors seem to be losing interest in layer one “L1”) blockchains, which should create a vacuum that will enable Cardano (with its very loyal and passionate community) to “thrive”.
Underlying driver to this is while instis will continue to love “blockchain”, they’re imo souring on L1 cryptos. Aptosui will be an abysmal failure, that money won’t be back for a bit, creating a vacuum for a ppl’s favourite chain to thrive. Once instis return its fait accompli— ADA whale (@cardano_whale) October 22, 2022
On Sunday (October 23), FTX Co-Founder and CEO Sam Bankman-Fried (aka “SBF”), confirmed that his exchange is planning to list spot $ADA:
definitely not the case!— SBF (@SBF_FTX) October 23, 2022
we have https://t.co/mST1XOz1mv listed internationally; adding spot ADA too is on our roadmap
The latest trading data about the recent trading activity of Coinbase customers also paints a bullish picture for Cardano ($ADA).
According to data from crypto exchange Coinbase, as of 4:50 p.m. UTC on October 25, in the past 24-hour period, 91% of Coinbase customers increased their “net position” in $ADA, which could mean that “the asset is gaining popularity.”