The value of the Ethereum-killer fell to $0.23 as a result of the two cases filed by the U.S. Securities and Trade Commission (SEC) against Binance and Coinbase, in which Cardano (ADA) was classified as a security. Despite this, according to data from Santiment, a handful of ADA’s KPIs set yearly highs, indicating increased adoption.
According to the blockchain analytics firm Santiment, ADA trading volume has increased recently, showing more community activity and interest in the coin. This increased volume of buying and selling indicates that traders are actively involved with the asset. Cardano’s daily active addresses reached a yearly high, further showing increased individual activity.
Additionally, its social dominance increased, indicating a very active market. Despite the value decline, these metrics show increased activity and interest, which probably points to Cardano’s market bottom.
According to DeFi Llama data, the Total Value Locked (TVL) in Cardano protocols has significantly decreased since June 5 from its peak of $183.06 million in May 2022 by about $50 million. However, when taking into account ADA in particular, the TVL has above 507 million, which is a reportable excess.
This is a remarkable improvement of 250% since the year’s beginning. The debut of Hydra in May, Cardano’s scaling solution, is only one example of the community improvements that can be credited for ADA’s resiliency in TVL.
As of the time of publication, CoinMarketCap showed that the alternative currency had registered a 3.03% gain over the previous 24 hours. As a result, ADA was changing fingers for $0.2633. Despite the cryptocurrency’s positive value performance over the previous day, the Ethereum-killer’s weekly performance remained negative because its value fell by more than 16% over the previous week.
The amount of daily purchasing and selling was also down, according to ADA. At the time of publication, there were $211 million worth of altcoins being bought and sold, a 23.64% decline over yesterday.
