Cardano TVL Enters Into Top 10 As ADA Hit Yearly High

Cardano (ADA) total value locked (TVL) has spiked more than $337 million as per Defillama. According to the data, this is the first time TVL went above $300 million in the past 21 months. This surge took ADA into the top 10 TVL records. The first in the list is still Ethereum with $29 billion TVL.

In terms of percentage rise, Cardano has gained more than 30% in TVL rise in 24 hours leaving all other chains behind. The TVL rise came after Cardano recently hit the 50-cent mark with a greater dex volume rising more than 21% over $12 million.

Cardano Price Spikes 31% In A Week

Cardano’s price has hit the yearly high surging above $0.50. This is attributed to Cardano’s on-chain activity which has a very strong influence on driving ADA prices. The development activity is inversely proportional to the price. As per Santiment data, Cardano’s recent development activity has nosedived from 686 to 300 and hence the ADA price reacted inversely.

Additionally, an analyst points out that the total number of ADA addresses lowering is a good sign. Since declining wallets are a sign of smallholders capitulating and selling to whales at a loss.

The firm has previously uploaded a chart on the microblogging network X revealing that 32,100 ADA wallets were liquidated earlier this year when ADA’s price dominance (in percent) overtook Bitcoin before the pattern was repeated.

At the press time, Cardano (ADA) price was trading at $0.521019 with a 24-hour trading volume of $997 million. This is a 19.64% increase in the previous 24 hours and a 36.68% increase in the last 7 days.

Also Read: Shiba Inu Burn Rate Soars 110% As One Zero Vanishes From SHIB Price

Cardano-Based Memecoins Follow the Momentum

Protocols and tokens based on the Cardano chain have also shown decent growth in the past 24 hours. Snek, the Cardano-based meme coin has recently experienced a great bull run.

Snek meme coin had been quiet for months following its first price explosion when it launched earlier this year, but renewed investor demand has lifted it’s market worth back beyond $54 million. Not only Snek but top protocols like Minswap and lending protocol Liqwid also saw a staggering price rise after the TVL rise.

In addition to on-chain developments, Cardano has also renewed its custom blockchain-based voting solution, leveraging it for stake-based voting events.

Also Read: VanEck Updates Spot Bitcoin ETF Filing With “HODL” Ticker

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