Cardano (ADA) price rallies 139% following smart contract implementation

Feb 8, 2021 | CoinTelegraph News | 0 comments

cardano-(ada)-price-rallies-139%-following-smart-contract-implementation

Cardano’s successful testnet integration of smart contract functionality and plans to enter the DeFi space back ADA’s 139% rally.

Cardano’s (ADA) price has increased 100% since Feb. 1 as social media engagement and excitement about the addition of smart contract functionality is propelling ADA to its highest price level since the bull market of January 2018. 

Data from Cointelegraph Markets and TradingView shows that ADA rose from $0.35 on Feb. 1 to its current price of $0.71, a move which has elevated Cardano to the 4th ranked cryptocurrency by total market cap.

ADA/USDT 4-hour chart. Source: TradingView

The first surge started after the team upgraded its delegation interface on Daedalus. Another noticeable uptick in buying volume began on Feb. 4 after Cardano tweeted about the successful launch of a smart contract on its testnet.

ADA price vs. Tweet volume. Source: TheTIE

Data from TheTIE shows that Cardano’s social media mentions have been increasing since the beginning of the year and the most recent announcements have been followed by spikes in price and tweet volume since the first week of February.

The Etherum network is still struggling with heavy congestion and high gas fees and projects like Cardano, which are equipped to stake, are steadily attracting more attention.

Total ADA staked. Source: Staking Rewards

The amount of ADA staked on the network continued to increase throughout January and is now at a record 22.6 billion tokens staked, representing 72% of the total supply. There are currently 1,602 active validators on the network serving 176,696 total delegators.

Once smart contract functionality is brought to Cardano’s mainnet, the platform will be able to host a variety of dApps including decentralized finance (DeFi) protocols, a sector that has been one of the main driving forces in the growth of the cryptocurrency sector over the past year.

News Source from CoinTelegraph.com

Related Articles

Ethereum gas fees drop as daily DEX and DeFi volumes decline

Ethereum gas fees drop as daily DEX and DeFi volumes decline

Ethereum fees have pulled back from their recent highs alongside a decline in DeFi transaction volumes but the rise of NFTs could push transaction costs back to new highs. The rising popularity of decentralized finance (DeFi) has brought fresh attention and optimism...

Co-founder of Floyd Mayweather-promoted ICO sentenced to 8 years

Co-founder of Floyd Mayweather-promoted ICO sentenced to 8 years

A co-founder of the fraudulent 2017 ICO Centra Tech has been sentenced to eight years in prison for his role in the scheme. Sohrab Sharma, the co-founder of the notorious celebrity-spruiked initial coin offering of 2017, Centra Tech, has been sentenced to eight years...

Pin It on Pinterest

Share This