The total maount of transaction fees paid on the smart contract platform Cardano has recently hit its highest level in two and a half years, reaching levels that hadn’t been seen since March 2022 at 279,000 ADA.
According to data shared by pseudonymous cryptocurrency analyst “C_THUMBS” on the popular microblogging platform X (formerly known as Twitter), as the price of ADA topped the $1 mark, over 840,000 transactions on Cardano added up to 279,000 ADA in fees, worth around $300,000.
What's with the hype on Cardano?$ADA just smashed $1 at the start of the bull run. But that's not the only interesting data onchain-
There are over 840k transactions on Cardano with total fees up to 279k ADA
Last time they were this high was in March 2022
Few months before… pic.twitter.com/w3FuWFKSVm
— C_THUMBS || ₿ || (@C__thumbs) November 29, 2024
On top of that, the number of ADA token holders has been steadily growing since July 2022, according to data from IntoTheBlock, which to the analyst suggests “growing confidence in the Cardano blockchain.”
The rise comes as the price of Cardano trades above the $1 mark for the first time since 2022 after surging more than 176% over the last 12-month period, according to available market data. ADA surged more than 17% just in the past week.
Cardano’s price surge has been fueled by whale accumulation, with popular cryptocurrency analyst Ali Martinez noting that over the past month holders of over $10 million in ADA have increased their positions by over 145%.
As reported, on-chain analysis firm Santiment has noted that “Cardano is decoupled from the altcoin pack” as it moved to a near 8-month high. The firm added that ADA’s price ratio against BTC is also at a similar high, with the last time the whale volume was similar being ahead of a significant 26% price jump.
The cryptocurrency bull run has been benefiting the Cardano Foundation as well. As reported, the nonprofit organization supporting the Cardano ecosystem has revealed in a recent report that as of Dec.31, 2023, it held $478.24 million in assets, with 82.5% of those being held in ADA, 10.1% in BTC, and the rest in cash and cash equivalents.
The value of these assets has likely grown significantly since, given the crypotocurrency market’s recent price rally. Its ADA holdings, for example, are up more than 100% over the past year, if the Foundation didn’t sell any.
The report details that the Cardano Foundation’s main income stream comes from the staking rewards generated by delegating the ADA tokens it holds on the Cardano network. Last year, it notes, its 668.8 million ADA tokens generated 20.9 million additional ADA, a 3.1% return.
Featured image via Unsplash.
