Reasons why Cardano [ADA] holders should be pleased

Cardano [ADA] has recently come back into the spotlight due to several positive developments in its ecosystem.

On October 25, 834 commits were pushed across 53 repositories, indicating increased development activity in the network.

Tue, 25 Oct 22:

834 commits pushed across 53 repos
+1,204,804/-113,403 lines changed

1. mithril – 138
2. hydra-poc – 86
3. cardano-wallet – 65
4. cardano-node – 63
5. cardano-ledger – 51#Cardano $ADA

— Cardano Updates (@cardano_updates) October 26, 2022

The Cardano developers recently posted their weekly update that mentioned a few notable pieces of information, including the launch of Daedalus 5.1.0. According to Input Output Global, Daedalus is a download-only full-node wallet for Linux, Mac, and Windows PCs.

Cardano on Fire!

Not only the Daedalus 5.1.0 update but other updates were also revealed. For instance, native tokens in the Cardano ecosystem reached 6.4 million and the number of transactions exceeded 52 million.

Developers also revealed that progress was made on the backup and restoring-functionality of the Hydra node.

4/Don’t miss weekly Cardano dev updates on @mtschofield

Daedalus 5.1.0 was released. Lace wallet explorers beta programme was announced

Catalyst: there is wide recognition that processes need to mature, simplify, become more autonomous, remain inclusive”

— ADA whale (@cardano_whale) October 25, 2022

While all these developments took place, ADA’s price action gave investors hope for better days to come as it registered an unprecedented surge over the last week.

According to CoinMarketCap, ADA’s price increased by over 12% in the last seven days, and at the time of writing, it was trading at $0.4026 with a market capitalization of over $13.8 billion.

Investors can expect more

Apart from the aforementioned developments, ADA also topped the list and was ranked number one in terms of LunarCrush’s AltRank, which is a major bullish signal.

This move on $ADA is strong 💪 #Cardano market➕social activity is outperforming right now 🚀


— LunarCrush (@LunarCrush) October 25, 2022

LunarCrush’s data also revealed that ADA was among the top cryptos on 25 October in terms of social engagement. This hinted at the alt’s increased popularity in the crypto community.

A look at ADA’s on-chain metrics also painted a similar bullish picture, as several of them were in ADA’s favor.

For example, ADA’s MVRV Ratio increased significantly over the last week, which is a positive signal. Not only this, but ADA’s volume also spiked considerably.

Source: Santiment

LunarCrush’s data was yet again proven right by Santiment’s chart as it revealed that ADA’s social volume and weighted sentiments went up last week, which is yet another green flag for the coin.

Source: Santiment

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