Following a surge in trading activity, market observers are watching to see if Cardano can attract more unique traders to support the recent volume spike.
ADA shows strong yearly gains despite recent dip
Over the past year, ADA's price has increased by
↗150%
, though it saw a
↘4%
decline in the last week and a
↘2%
drop in the last 24 hours. This performance comes as the asset was included in new crypto funds from
Grayscale.
Trading volume surges while the number of traders declines
Cardano's trading volume surged by
↗243%
, but this was accompanied by a
↘23%
decline in the number of unique traders. This data suggests that a smaller group of existing participants were responsible for the increased activity.
Social media buzz and a new product launch
The project saw a massive
↗2827%
increase in weekly social media activity, with community sentiment remaining highly positive at
75%
. This buzz coincides with the Cardano Foundation's launch of
Veridian, a new digital identity platform.