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Cardano Building? On-Chain Transactions Up 1,700% in 2023 Despite SEC Snub

Published September 6, 2023 1:13 PM
Omar Elorfaly
Published September 6, 2023 1:13 PM

Key Takeaways

  • Cardano’s ADA token surges during 2023 despite SEC troubles.
  • The company takes the lead among tokens in terms of development activity.
  • Analysts predict an ADA breakthrough if patterns remain consistent.

On-chain data  suggests Cardano has been skyrocketing since the start of 2023. Market intelligence firm Santiment reports ADA’s weekly on-chain transaction volume has surged over 1,700% since late January. 

Analysts also highlight Cardano coming in third place in terms of development activity among altcoins such as Polkadot ($DOT) and Kusama ($KSM).

Cardano’s remarkable success has defied expectations, despite the regulatory constraints imposed by the US Securities and Exchange Commission (SEC).

Cardano did not immediately respond to requests for commentary

Cardano Surges Since January

Santiment reports that despite Cardano’s reduced market value compared to its April peak, the rise in on-chain transaction volume is fueled by utility and accompanied by substantial ADA social dominance.

Analysts also report  that Cardano saw a 2,985% price surge after taking off from the long accumulation phase. During 2018 and 2020, Cardano’s native token ADA traded between $0.10 and $0.028.

Moreover, crypto analyst Ali Martinez casts  optimistic predictions regarding ADA.: “Between 2018 and 2020, $ADA oscillated between $0.10 and $0.028 for 665 days. Then? A whopping 2,985% bull run took off after this long accumulation phase,” reported Ali

“Fast forward to now, $ADA seems trapped in the $0.46 to $0.24 range, already for 329 days. If history and price action give any clues (minus the unpredictable COVID crash), we might see #ADA breaking free around February 2024.”

Cardano’s ‘Security’ Issue

Cardano’s ADA, among several other altcoins, has been subject to litigation by the US Securities and Exchange Commission (SEC).

Tokens have been at the core of lawsuits filed by the regulating body against crypto institutions such as Binance and Coinbase.

As XRP landed its landscape-changing partial win against the SEC in a lawsuit regarding XRP’s ‘security’ status, altcoins such as ADA gained a surge of optimism regarding SEC approval.

However, such a change has not been made, and ADA has thrived despite being sanctioned from being traded on popular exchanges such as Revolut.

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