The world’s eighth-largest cryptocurrency Cardano has gained some price action, climbing more than 8% in the last two days.
On the weekly chart, ADA enjoys double-digit returns, while other cryptocurrencies are struggling with single-digit returns.
As per on-chain data, Cardano whale addresses with values ranging from 1M to 100M are back in action.
On the weekly chart, ADA enjoys double-digit returns, while other cryptocurrencies are struggling with single-digit returns. As per on-chain data, Cardano whale addresses with values ranging from 1M to 100M are back in action. On-chain data provider Santiment reports:
“Cardano is currently experiencing a slight rise, and addresses holding between 1M and 100M ADA may be a key validator to watch for a price breakout. After dumping 568.4 million coins in the last two months of 2022, they have added back 217.2 million ADA to start 2023.”
Despite the crypto winter of 2022, the Cardano development team has been working on a few blockchain network enhancements.
Two stablecoins are expected to be added to the Cardano blockchain platform by the first quarter of 2023. The first will be a USD-backed stablecoin USDA that will operate on the Cardano blockchain.
In addition, Cardano is developing its own stablecoin, Djed, in partnership with Coti. This stablecoin will be pegged to the USD thanks to Cardano's smart contract mechanism.
After the successful introduction of the Vasil hardfork last September, the Cardano team is now focusing on enhancing platform scalability. This year's most anticipated development is Cardano's Layer-2 scalability solution Hydra, which will boost transaction speed with low latency and high throughput while maintaining a low gas fee. Hydra will be a key development when Cardano sees an increase in DeFi protocols on the platform.
Another possibility is the inclusion of oracles on the Cardano blockchain. As a result, Cardano may make it easier to connect on-chain and off-chain data. It means Cardano is going head-to-head with Chainlink (LINK).
With these trends, ADA could be a profitable cryptocurrency for investors in 2023.
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