ADA has lost more than 70% of its value since reaching an all-time high of $3.10 (R 49.31) eight months ago. It was trading at $0.88 (R14.00) at the time of publication. Following the announcement that the Cardano mainnet’s block size would be increased, ADA rose by 5% on the charts. Similarly, its market capitalization increased by 7% in 24 hours.
ADA’s trading volume had dropped by more than 40% since the beginning of the month. However, as a result of the announcement, the same was recorded to be $917.17M(R 14.6bn) – an 11% increase in the last 24 hours.
This is what on-chain data indicates.
Cardano’s block size was increased by 11% two months ago. According to the announcement made yesterday, the block size will be increased by 10%. With a better understanding of the advantages of block size increments, a look at on-chain data for Development Activity on the Network becomes important.
The Development Activity has been on a downward trend since reaching a high of 117.36 on February 17th. With a reading of 56 at press time, it implied that February’s block size increments were not particularly beneficial to network development activity.
Furthermore, the number of daily unique addresses involved in ADA transactions has decreased significantly this month. ADA began the month with an index of 127.5k Active Daily Addresses, a 55 percent decrease. Active Daily Addresses were only 56.3k yesterday.
On April 21, ADA’s social dominance reached a high of 5.68 percent. Aside from that, the month was marred by lows in Social Dominance. Social volume, on the other hand, experienced significant spikes, the highest of which was 6308 on April 21.
What about whales?
This month, the number of whale transactions above $100,000 ( R 1.6m) continued to fall. ADA had a whale transaction count (> $100k)(R1.6m) of 1570 at the beginning of the month but had lost 30% of that figure by yesterday.
Similarly, the whale count for transactions greater than $1 million( R 15.9m) fell by more than half over the month.