Over the past week, Cardano users have invested more than 157 million ADA. The increase in staking activity came after the market capitalization of the seventh-largest cryptocurrency on the planet fell by more than 5%. On-chain data reveals that since August 21, 2023, Cardano holders have staked a staggering $40.8 million worth of ADA.
According to Cardano Blockchain Insights from Looker Studio, between August 21 and August 28, the percentage of Complete ADA Staked increased from 62.9% to 63.4%. The nearly 0.5% increase in the statistic reflected the roughly 157 million ADA staked by blockchain users over this time period.
According to CoinMarketCap, ADA is currently trading at $0.26, which could make the newly staked tokens worth more than $40 million. Since the beginning of the month, ADA has lost more than 16% of its value, dropping from $0.31 to as little as $0.25 early this week. However, it appears that this value drop encouraged ADA investors to stake more money.
Additional information from Looker Studio shows that this month’s transactions per day on the Cardano Blockchain have significantly decreased. On August 1, there were 60,000 transactions per day. By August 28, there were just a little bit over 46,000. The amount of money every day went from 216,000 to 124,000, a decrease of more than 42%.
One of the few KPIs that showed growth over the previous week was the number of new ADA wallets per day, which increased from 901 on August 21 to 1138 on August 28. According to data from Coinglass, the overall open interest in ADA perpetual contracts has decreased by 2.2% during the past 24 hours.
