Cardano price is rising sharply, these are the latest developments

Cardano (ADA) is one of many cryptocurrencies that has taken a big hit during the current bear market. The past week, however, the cardano price shows a different trend, as the price is in the green by about 30% over the past seven days. At the time of writing, the price is $0.3249. In this article we discuss the latest Cardano news and some important ones on chain developments.

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Cardan news

The announcement of the launch of Cardano’s algorithmic stablecoin Djed has been over for weeks. This month, the dollar-pegged stablecoin will be launched on the network. Recently, however, you could read that COTI, the official publisher of the stablecoin, managed to add Yepple to the list of partners. Yepple is a blockchain development company that builds NFT payment gateways. As a result of this partnership, it will be possible to use Djed to pay for non-fungible tokens (NFTs).

You could also read recently that the so-called Cardano “sharks” and “whales”, investors with 100,000 to 10 million ADA holdings, have been aggressively accumulating since mid-November.

In addition, the overview of the performance of the network in 2022 showed very positive results. The Cardano Foundation announced that the network processed 139% more transactions and registered 47% more wallets than a year earlier. In addition, the number of smart contracts has increased by an astronomical 394% in the past twelve months. The growth was partly related to the Vasil hard fork that was implemented on September 22nd. This made transactions faster and cheaper and smart contracts got more functionalities.

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Recent on-chain developments

On chain Data Studio data shows that the network continues to make positive developments in recent weeks. For example, the number of wallets continues to grow, on average by about 2,100 per day. Earlier you could read that Cardano manages to add an average of 22,327 staking addresses per month. The percentage of ADA that is discontinued has been stable for some time now at around 72% of the total supplies.

The number of active wallets per 24 hours however, is currently in a slight downward trend. On January 8, the number of active wallets was 58,289, but a few weeks earlier this average was above 70,000 wallets.

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