- The price of Cardano escalated after Coinbase, a crypto exchange listed on Nasdaq, removed a bug associated with the withdrawal of funds.
- Total Cardano wallets have increased in numbers from 190,000 to 2.5 Million, which is a 12x growth.
- As of this writing, Cardano was down by 3.73%, trending at the price of $1.25, with a market capitalization of $41.8 Billion.
Price Escalation of Cardano
After a bug related to withdrawal was eliminated by Coinbase, a crypto exchange listed on Nasdaq, from Cardano, the price of Cardano escalated. The Cardano community got abuzz because of the bug, as many users had probably invested and were holding the asset on Coinbase.
As per the initial report, as soon as the bug was fixed, the price rallied upward and surged 3.5% immediately. ADA is down at present by 3.73% in the previous 24 hours. Sentiments regarding the digital asset rose quickly after the bug was removed by Coinbase, which wasn’t letting the coin holders to withdraw the asset.
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As per a report indigenous coin of Cardano, ADA, surged after the smart contracts were introduced on the network. In the beginning of the year, an initial serviceable DeFi application was released on the network, MuesliSwap. The DEX experienced its Total Value Locked surpassing $1 Million in just a couple of days of its release.
Furthermore, tech giant Samsung is ready to engage with Cardano in a reforestation attempt, released by the organization by joining hands with veritree, a platform powered by Cardano which will handle the initiative of planting the trees by utilizing the blockchain technology.
The reforestation attempt was celebrated by the community lately, after attaining the objective of planting a million trees of various species, indigenous to the regions across various parts of Haiti, Senegal, Kenya, Nepal, Indonesia, and Madagascar.
It is worth noting that the total number of wallets associated with Cardon saw a growth of over 12x over the years, jumping from 190,000 to 2.5 Million wallets, indicating that the network of cryptocurrency is experiencing a growth in its adoption, partly because of implementing the smart contracts in the Cardano ecosystem.
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As per a crypto analytics organization, Cardano was also involved in developer activity the previous year, followed by Polkadot and Kusama.
Finally, the crypto asset is bullish in the previous 24 hours, but it is uncertain where ADA is headed. As we can see, a small bug had both positive and a negative effects. On one hand, the members of the community got worried as they were not able to withdraw their holdings, on the other hand, as soon as the bug was eliminated, the price surged, giving the advantage to the community members, it was a great gain and relief, especially for the ones that were trying to make a withdrawal. The assets in the crypto market are volatile, so people should DYOR before investing in any.
Source: https://www.thecoinrepublic.com/2022/01/15/cardano-price-surged-after-eliminating-withdrawal-bug/