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- Cardano’s DEX trading volumes skyrocketed by 50 million ADA, highlighting the growth trajectory for DeFi applications on the Cardano blockchain.
- Additionally, the decline in the Long/Short ratio suggests an influx of new addresses holding ADA, ahead of the much-awaited Chang hardfork in July-end.
Cardano continues to be in strong discussions in the crypto community as everyone is looking ahead to the successful implementation of the Chang hardfork by the end of this month. As a result, there’s been a sharp surge in the decentralized exchange (DEX) activity leading to the optimism of a potential Cardano resurgence.
Over the past few days, there’s been a significant rise in the Cardano DEX trading volumes. While the Cardano trading volumes surpassed $350 million earlier this week, the DEX trading volumes have also skyrocketed by 50 million ADA this week. This shows the improving growth trajectory for all DeFi applications running atop the Cardano blockchain network.
On-chain data reveals some intriguing insights. The velocity of ADA transactions has increased, indicating more frequent trading activity. Additionally, the negative MVRV ratio suggests that holders are currently underwater on their investments, which might imply potential for growth as holders may wait for profitability before selling.
The decline in the Long/Short ratio suggests an influx of new addresses holding ADA. Currently, Cardano’s ADA price is trading 1.05% down at $0.4407 with a market cap of $15.8 billion.
Cardano Chang Hardfork
Earlier this week, Cardano released the node 9.0.0 update, paving the way for the Conway ledger era and introducing CIP-1694, thereby improving the on-chain governance, reported Crypto News Flash. This also sets the basis for the upcoming Chang hardfork scheduled by the month-end.
Cardano node v9.0 marks a significant milestone for the Cardano blockchain, signaling the completion of the primary development work for the bootstrap phase of on-chain governance, with only minor updates needed to incorporate Cardano constitution elements, reported CNF.
This update includes much-anticipated features, such as support for Plutus v1 reference scripts and Plutus script signatures via CIP-69. This milestone is crucial for achieving the decentralized governance concept outlined in CIP-1694.
The Cardano Chang hardfork will impact the whole ecosystem putting a major focus on stake pool operators (SPOs), exchanges, and other decentralized applications.
ADA Price to Surge 2X In Coming Days
Even as ADA reverses recent losses, one analyst predicts further gains. In a post on X, the analyst suggested that the coin is poised for a substantial price increase, potentially more than doubling in the medium term.
This bullish outlook is based on technical analysis, specifically the candlestick patterns on the daily chart. Since July 8, ADA has surged nearly 40%, climbing from below $0.35 to over $0.44 at press time.
$ADA Train has left the Station..🔥🚅
Expecting 2x Bullish Rally in the Midterm so don’t miss the Ride..#Crypto #ADA #Cardano pic.twitter.com/Jvdat5Txw5
— Captain Faibik (@CryptoFaibik) July 17, 2024
As per the latest CNF update, Cardano founder Charles Hoskinson has offered to integrate Decentralized Identity (DID) into X to combat the growing incidence of scam attacks.
