What Made Major Eyes Witness Surge?

• As per data sources, Cardano has 3.5 million active wallet users. 
• How did TVL spike by 6.5 percent in a day?   

According to data from DefiLLama, total value locked(TVL) in Cardano rose by 6.5% or 5 million ADA during the day. 

The data also states that the total number of ADA locked-in protocols on Cardano, excluding staking, is around 171 million, which is equal to $53.56 million at present.        

Similar data sources state that the major reason for the total value-locked spike could be the influx of funds into major Decentralized Finance blockchains like Miniswap, WingRiders and SundaeSwap.  

Some Crypto market analysts believe that volatile prices of ADA tokens are responsible for pressing the Total value locked on Cardano.   

On November 23, 2022, TheCoinRepublic reported that The long wait is over now. Cardano lists Japan-based ADA holders. Japan is one of the first countries to hold crypto assets and one of the world’s largest markets by crypto trading volumes. In 2021, Coinbase officially registered in the Japanese crypto market after registering with the Financial Services Agency (FSA).   

The founder of Cardano, Charlies Hokinson, came up with another creative idea that supports the DeFi blockchain system’s growth and upcoming cryptocurrency challenges. Hoskinson shared his perspective on the new version of the certified Cardano wallet.

EMURGO launched a USD-backed stablecoin for the Cardano community that will always be 1:1 (1 USD: 1 USDA). EMURGO is a blockchain technology company that provides solutions for developers, companies & government. It is one of the founding entities of Cardano.

According to the official site of EMURGO, USDA leverages the stability of the U.S. Dollar combined with Cardano’s security, low fees, and eco-friendly blockchain. 

The new stablecoin offers locks in the value of investors’ crypto assets by pegging 1:1 to the U.S. dollar, reducing volatility, and unlocking fast global transactions without legacy banking and payment infrastructure delays.

Cardano(ADA) Price Analysis  

Cardano’s price continues to decline with a loss in bulls’ momentum. The coin continues to trade in the falling channel, which lowers the price to the bottom. The price is now trading at a yearly low of $0.3130. The rising wedge pattern forms on the chart in Aug leads to the fall, which is still in action led by the bears. The momentum is fully under the hands of bears, pushing the price to dip.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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