Cardano (ADA) at $0.7? First on-chain mega validation detected

Cardano (ADA) at $0.7?  First on-chain mega validation detected

Cardano (ADA) has achieved unique on-chain validation, as evidenced by the impressive increase in its daily active addresses (DAA) metric. According According to data from cryptanalysis platform IntoTheBlock, this Cardano metric has increased by 12.87% to 47,930 in the last 24 hours.

Cardano (ADA) has achieved unique on-chain validation, as evidenced by the impressive increase in its daily active addresses (DAA) metric. According According to data from cryptanalysis platform IntoTheBlock, this Cardano metric has increased by 12.87% to 47,930 in the last 24 hours.

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Cardano Sees Double-Digit Volume Gains as ADA Price Goes Green in 2024

This metric is particularly important as it shows that any price rally potential is not inflated but supported by active demand from Cardano protocol members and users. Data from IntoTheBlock revealed that daily active addresses increased from 41,500 on December 31 to 52,330 on January 2.

Daily Chart of Active Cardano Addresses via IntoTheBlock

In the same upward trend, the number of addresses with zero balance fell from 20,350 on December 28 to 17,860 on January 2. This metric shows that there is active accumulation of ADA by users across the board.

This accumulation hints at Cardano’s possible willingness to leverage its most recent momentum to chart a new uptrend in the future. At the time of writing, Cardano was trading at $0.6, down 4.20% in the last 24 hours to reflect the overall market trend. Since this drawdown serves as a rare discount impulse, ADA could be gaining momentum for a rally that could eventually push its price towards the $0.7 price mark.

Focusing on what matters

As far as the Cardano Foundation and Input Output Global (IOG) are concerned, what matters is building the right scalable network, and that is the focus this year.

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Cardano (ADA) breaks new ground in cross-chain compatibility

The protocol recorded an impressive development trend in 2023, and IOG hopes to build on the milestones recorded, culminated by the launch of the Midnight Protocol in the fourth quarter of last year. In addition to maintaining a very strong developer ecosystem, Cardano will look to leverage its strategic product launches to drive Cardano adoption and ADA demand.

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