Cardano (ADA) hits $1 following market adoption and network updates

The cryptocurrency market has been recovering this week. Most tokens are trading in the green zone, and ADA, Cardano’s native token, has not been left behind in the recovery. Besides gaining market support, ADA is also rallying because of developments in Cardano’s ecosystem.

IOHK, Cardano’s parent company, has posted a Twitter thread that looks into the progress of Cardano in the past 10 days and the updates being released over the coming days and weeks.

Developments on Cardano

Cardano (ADA/USD) was trading at $1.053 at the time of writing, after a slight gain during the past 24 hours. However, the coin is yet to show strong recovery, as it is still significantly below its all-time high of $1.64 recorded on January 18.

IOHK has given its community a hint on the news and developments to be expected. Some of the project’s building on the network include Atomic Swap, ADA Pro, MinSwap DEX, Flint Wallet and more. Last week, Cardano also launched an NFT game engine.

Sundaeswap, the first decentralized exchange (DEX) on Cardano, is also completing its first week. Over 300 active trading pools are already on the platform, with the DEX hitting $71.69M in total value locked (TVL).

Whales accumulating during the dip

As aforementioned, ADA has been on a dip for most of the month. The token is over 50% below its record highs, but this has not prevented whale addresses from buying more. Cardano whales have been piling up tokens during the market dip. This is an opposite trend of what has been happening with small-scale traders who have disposed of their assets or are fearing to accumulate more.

On-chain data from Santiment also shows that large Cardano addresses with between 10,000 and 1 million tokens have increased their holdings by 113%, showing they have more than doubled their holdings. These addresses have accumulated $53.6 million worth of tokens.

The increased activity on the Cardano blockchain further shows that the number of users has also grown. The increased user growth and engagements on Cardano signal notable gains for ADA in the coming weeks.

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