After trading sideways for weeks, Cardano’s ADA token finally got back into action this weekend. The price has risen by more than 10% in the past 24 hours. This puts Cardano back in the top 5 largest cryptocurrencies.
Price increase of more than 10%
At the time of writing, the price of 1 ADA token is around $1.52, which means that the ADA price has increased by more than 11% in 1 day. Cardano’s recent price increase follows high transaction volumes. Also, it comes just before the launch of the decentralized exchange called Sundae Swap which will be launched on January 20th.
Furthermore, from Messari’s data, we see that the Cardano blockchain had even higher network activity than Ethereum.
In the last 24 hours or so #cardano has had similar or higher transaction volume compared to #ethereum.
The fees on cardano totalled a mere $66,000 to process all of it. About 4 billion in transaction volume.
Ethereum costs about 44 million dollars in fees.https://t.co/nm5fOb2L5O
— Ed n’ ₳ltcoins (@EdnStuff) January 16, 2022
Another important development is that 70 new smart contracts have been launched on the Cardano blockchain in the past month. After an initial good start after the Alonzo upgrade in September 2021, the launch of smart contracts on Cardano has slowed down. That led to a negative perception. Cardano founder Charles Hoskinson stated the following:
“We had to rewrite the software three times. There were major changes in architecture and suppliers. There were approaches that didn’t work and, of course, there were delays. But this is part of it.”
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Details of the Sundaeswap upgrade
The launch of the Sundae Swap on the Cardano blockchain will take place later this week as a fully featured beta decentralized exchange (DEX). Shortly after launch, proceeds for SUNDAE will begin. The official announcement noted the following:
“Proceeds will be available for at least the first six months of the SundaeSwap DEX. During this period, LP Tokens used to deliver Farming Contracts in eligible pools can earn additional SUNDAE rewards.”
The recent rally could lead to continued price gains this year.