Benzinga - Cardano's (CRYPTO: ADA) token is on a roll, having gained 40% in the past seven days and 76% over the past month. The DeFi ecosystem on the blockchain is seeing robust activity in projects that are built on the Cardano network.
What Happened: Cardano-based projects witnessed a significant jump in total value locked (TVL) to $430.36 million based on DefiLlama data. This is compared to late March 2022, when TVL peaked at $326 million.
The surge was driven by lending protocol Indigo and on-chain exchange Minswap reporting a TVL surge of 50.2% and 42.3% respectively to $110.7 million and $97.6 million respectively. Also, Djed (DJED) stablecoin witnessed a supply increase of 46.5% in the past week, highlighting capital inflows toward the token amid investors capitalizing on yields.
Smaller protocols like Lenfi and Levvy Finance witnessed an 89.3% surge and 93.1% respectively in the last week.
This comes on the heels of investors looking towards other blockchains for returns and capital allocation amid a recent boost in Ethereum alternatives, such as Solana and Avalanche, as reported by CoinDesk.
Also Read: Crypto Markets 2023: A Game Changer For These Three Tokens, Experts Highlight A Strong Case For 2024
Why It Matters: Investor, Analyst and Entrepreneur, Jason Appleton aka Crypto Crow took to his X handle and stated, “I believe Cardano will be one of if not the most valuable Altcoin on the market by market peak.”
#Cardano Bull Market to a $32 ADA.On-chain analytics firm, Santiment, on Tuesday, pointed to a sudden loss of small wallets on Nov. 17, ahead of Cardano’s recent rally. The firm noted that 98.1% of those wallets were holding between 1-10 ADA.In this video I explain how it could be possible to see a $32 ADA in the most prime of conditions by the peak of this Bull Market Cycle.
I believe Cardano will be one of if not the most valuable Altcoin on the market by market peak. pic.twitter.com/sWW16dWGmv
— Jason Appleton (Crypto Crow) (@jasonappleton) December 13, 2023
Santiment explained, “A drop of addresses this size or smaller often indicates capitulation and a potential price turning point. $ADA is +65% since.”
Read Next: Cardano's Charles Hoskinson Eyes Partnership In Kraken's Layer-2 Blockchain Project
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