December 14, 2023 12:53 PM | 2 min read
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Cardano‘s (CRYPTO: ADA) token is on a roll, having gained 40% in the past seven days and 76% over the past month. The DeFi ecosystem on the blockchain is seeing robust activity in projects that are built on the Cardano network.
What Happened: Cardano-based projects witnessed a significant jump in total value locked (TVL) to $430.36 million based on DefiLlama data. This is compared to late March 2022, when TVL peaked at $326 million.
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The surge was driven by lending protocol Indigo and on-chain exchange Minswap reporting a TVL surge of 50.2% and 42.3% respectively to $110.7 million and $97.6 million respectively. Also, Djed (DJED) stablecoin witnessed a supply increase of 46.5% in the past week, highlighting capital inflows toward the token amid investors capitalizing on yields.
Smaller protocols like Lenfi and Levvy Finance witnessed an 89.3% surge and 93.1% respectively in the last week.
This comes on the heels of investors looking towards other blockchains for returns and capital allocation amid a recent boost in Ethereum alternatives, such as Solana and Avalanche, as reported by CoinDesk.
Also Read: Crypto Markets 2023: A Game Changer For These Three Tokens, Experts Highlight A Strong Case For 2024
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Why It Matters: Investor, Analyst and Entrepreneur, Jason Appleton aka Crypto Crow took to his X handle and stated, “I believe Cardano will be one of if not the most valuable Altcoin on the market by market peak.”
#Cardano Bull Market to a $32 ADA.
In this video I explain how it could be possible to see a $32 ADA in the most prime of conditions by the peak of this Bull Market Cycle.
I believe Cardano will be one of if not the most valuable Altcoin on the market by market peak. pic.twitter.com/sWW16dWGmv— Jason Appleton (Crypto Crow) (@jasonappleton) December 13, 2023
On-chain analytics firm, Santiment, on Tuesday, pointed to a sudden loss of small wallets on Nov. 17, ahead of Cardano’s recent rally. The firm noted that 98.1% of those wallets were holding between 1-10 ADA.
Santiment explained, “A drop of addresses this size or smaller often indicates capitulation and a potential price turning point. $ADA is +65% since.”
Read Next: Cardano’s Charles Hoskinson Eyes Partnership In Kraken’s Layer-2 Blockchain Project
Photo: Shutterstock
Options 101: The Beginner’s Guide
Want to become an options master? In his free report, options expert Nic Chahine will give you access to the four bulletproof tips for beginners, the secret to scoring 411% gains with options, and his time-tested “plan” for success. Grab your free copy of Options 101: The Beginner’s Guide ASAP.
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