Cardano buying activity is increasing for these possible reasons
Cardano buying activity saw an uptick for a brief period as Noted by a Twitter user called “Pete”. Illustrating his point through a coinmarketcap chart, the user tweeted: “Someone is buying. Just pay attention to these fixes.
He then wondered if these buyers were there for the long haul or just to make a profit – dumping them right after Vasil’s upgrade.
On the other hand, the total number of active users of the PoS blockchain indicates otherwise, as Cardano holders hit a 12-month low this week.
Data from the Messari chart revealed that the total number of daily active users fell from 234,000 in January to just 65,000 at press time.
Despite this, ADA continues to be in favor among the top 4,000 BSC whales, according to data tracker WhaleStats. Again the reasons remain unknown.
Cardano has also mined 268% YTD [YTD] on-chain volume up and up 16% month-over-month [MoM] basic data from Kraken Intelligence showed.
Kraken experts cited the launch of the network’s first decentralized exchange [DEX] SundaeSwap and metaverse gaming app Pavia as the reason for the growth spurt.
On top of that, its developers increased the block size of the programmable blockchain by 10% as the projects on the ecosystem exceeded 1,000.
Kraken Intelligence also highlighted the euphoria surrounding Vasil’s upcoming hard fork in ADA’s on-chain transfer volume growth.
The long-awaited hard fork remains one of the most talked about updates to date as it is supposed to bring significant improvements to Cardano and its Plutus smart contracts.
Cardano community reacts to mark Cuba’s claims
In other news, billionaire Mark Cuban made a stunning claim that Dogecoin has greater utility than Cardano in an interview, “I still think Doge has more applications at his disposal than ADA.”
Cardano founder Charles Hoskinson reacted by posting a “sideways wave” GIF image in response to the remarks. Community-focused Twitter account ADA Whale also chimed in, saying “this was a factually incorrect statement.”
Earlier, Hoskinson pointed to the timing factor after a user criticized ADA’s price. Could these mysterious buying spikes be related to what Hoskinson was planning? Only time has the answer.