Cardano (ADA) Jumps 10%, Here’s How Ecosystem Defied Market Turmoil
Cardano’s ADA price made a sharp rebound after touching lows of $0.333 on March 12. At the time of writing, ADA was up 10.75% to $0.338 after reaching intraday highs of $0.344. The leading cryptocurrencies,
Bitcoin (BTC) and Ethereum (ETH), both gained more than 10% in the last day to recover all weekend losses when crypto markets crashed due to issues at Silicon Valley Bank. The market recovery over the last 24 hours resulted in the liquidation of $221 million in shorts, or bets against price increases, surprising traders who had been anticipating a market-wide collapse.
As reported, on-chain analytics firm Santiment observed on Friday that several altcoins were underbought or in the “opportunity zone” due to recent losses sustained as a result of the market decline. Cardano appeared in the opportunity zone, where prices are more likely to rise,
according to Santiment’s chart. Ecosystem shows resilience Shahaf Bar-Geffen, COTI CEO, took to Twitter on Sunday to announce increased demand for Djed in the wake of the USDC and stablecoin depegging events over the weekend. According to him, “Throughout the storm, Djed has held its peg and will continue to do so.” Djed is the overcollateralized stablecoin developed in collaboration with COTI Network and Cardano builder Input Output Global (IOG).
1/5 The last few days have been quite rough for crypto and stablecoins in particular. However, $DJED held its peg throughout the storm. 🧵$SHEN $COTI @Cardano @InputOutputHK @IOHK_Charles #stablecoin— COTI (@COTInetwork) March 12, 2023
In a thread of tweets from the COTI Network, increased demand for DJED led to record trading volumes on DEXes and a spike in DJED minting. Cardano DEX MuesliSwap has announced a significant milestone, the first Multi-Hop swap performed on Cardano DeFi. The transaction involved the concentrated LP ADA/DJED and the constant-product LP DJED/HOSKY pairs, as stated in a tweet.