Cardano (ADA) Experiences 'Historically High” Address Activity Spikes, Could Potentially Experience a Price Bounce in the Near Future

According to data provided by cryptocurrency analytics platform Santiment, Cardano is currently experiencing “historically high” address activity spikes.

Cardano (ADA) is among the cryptocurrencies that have been surging in terms of address activity, recent analysis shows.

According to data provided by cryptocurrency analytics platform Santiment, Cardano is currently experiencing “historically high” address activity spikes. Other crypto assets that are seeing a notable surge in this metric include Quant (QNT) and Holo (HOT).

Historically, a surge in address activity has been observed to precede a price bounce for the respective crypto assets. This means that ADA, QNT and HOT could potentially see further gains in the near future.

Cardano’s disappointing price action

The recent Chang hard fork on the Cardano network brought with it a lot of anticipation. Especially among members of the community who have been eagerly awaiting the introduction of decentralized governance.

However, the upgrade failed to result in a substantial price spike for the cryptocurrency, which has left some feeling let down.

At press time, the cryptocurrency remains outside the top 10, according to data provided by CoinGecko. It is lagging behind other major cryptocurrencies of the likes of Dogecoin (DOGE) and Tron (TRX).

Cardano’s underperformance was recently brought up by Bitcoin maximalists during another spat with Input Output CEO Charles Hoskinson. The cryptocurrency, which was once pitched as the leading “Ethereum killer,” now accounts only for a tiny fraction of Bitcoin’s total market cap.

It is down nearly 90% from the record peak that was achieved in 2021 around the release of the smart contract-enabling Alonzo hard fork. Back then, ADA managed to make it to the top five.

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