Charles Hoskinson has applauded the community’s devotion as the flag approaches the pinnacle of Mount Everest. Charles Hoskinson praises Cardano’s robust community and declares that they have advertising. It currently has 3M and continues to grow.
According to the Cardano Insights Twitter account, there are now more than 700K members of the Cardano subreddit. Cardano currently has 937 active projects, up from 925 at the beginning of the year. Cardano just put out 84 new projects, and there are now 5,549 NFT projects in total. Figures released by Charles Hoskinson show that ADA tokens have climbed to 4.7M.
Cardano Price Movement
Cardano has decreased to $0.39 in the last week due to a sell-off in the cryptocurrency market. Cardano bounced back, hitting an uptrend of $0.613 on May 16th after 3-days of gains. Cardano had lost some of its gains from the day before. Cardano traded at $0.553, having touched an intraday uptrend of $0.613 earlier.
An increase in whale activity over the weekend by Santiment led to a 3-day uptick in the price of the 7th top cryptocurrency. Cardano’s whales made a rush of trades yesterday when prices fell to $0.40 between 8:00 a.m. and 12:00 p.m. UTC. We’re keeping a close eye on any whale activity that may signal ADA’s price movements are about to change.
Since May 13th, according to DefiLlama data, the Cardano DeFi community has generated roughly $20M more in funding. The increase in TVL from around $118M on May 13th to $137M on May 16tg reflects this. The total value locked in Cardano has increased by roughly 6% in the last 24 hours.
Cardano’s TVL is valued at around $174.74M without the addition of staked governance tokens. While the rise may appear minor, Cardano’s TVL (including staking) has been progressively declining since March 28th, when it peaked at $434.74M.
Cardano Pricing has a Huge Potential to Rise
Experts are optimistic about Cardano’s rebound despite the current drop in cryptocurrency prices. The ETH-killer is a well-known altcoin, and its blockchain network has seen a steady increase in projects and improvements.
A beta version of Djed, an algorithmic stablecoin, is being tested on the Cardano network in conjunction with ADA and COTI. The treasury’s vast reserves may be the source of funding for this and any future network developments.
Altcoins like Cardano have seen a spike in bearish pressure following the recent market massacre, but ADA price has held above $0.53. Even though other cryptocurrencies have recovered from significant sell-offs, Charles Hoskinson remains optimistic about the project.
Corrections in the cryptocurrency market are common, and a market crash can occur after the creation of a public frenzy. When the cryptocurrency market started to decline, Hoskinson urged his Twitter followers and the Cardano community to remain calm and unfazed by the downturn. By this year, Hoskinson expects Cardano transactions to have multiplied 25 times. Cardano supporters are optimistic about the altcoin’s price recovery, foreseeing a huge breakthrough.