Shorting Cardano in February? Please read these updates before taking a seat

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  • The Cardano Foundation recently published the latest edition of its weekly development report.
  • There was increased accumulation of ADA and some baseline measurements appeared positive.

of Cardano [ADA] The price has increased by more than 65% in the last month, which is commendable. But there was more to the story, as Santiment’s data revealed that Cardano sharks and whales accumulated more ADA.

Addresses holding 100k to 100 million ADAs held the most in their combined wallet as of November 8, 2022.

Realistic or not, there you go ADA buy cap in BTC terms

While one of the main reasons behind whales’ confidence in ADA remains the crypto’s huge gains in price, a few other factors may also be at play.

For example, the projects that Cardano developers are working on will help add a lot of value to the blockchain in the coming days, which may have helped attract the whales’ interest.

What was the ecosystem like?

The Cardano Foundation recently published the latest edition of its weekly development reportwhich highlighted all the remarkable developments that happened in its ecosystem.

According to the latest data, Cardano’s native tokens reached 7.67 million and the total number of launched projects was 116. The total number of transactions also saw an increase as it exceeded 60 million.

On the development front, Cardano revealed that developers have been working on its upcoming Valentine (SECP) update. While working on Valentine, Cardano also released a few other updates, including version 1.35.5, followed by Rosetta v.2.1.0.

The Plutus team continued to work on Plutus debugging, increased scripting capacity, and built-in source code documentation, while the Marlowe team added better error handling for CIP-30 and also improved pointer chaining by fixing the incorrect output pointer for a multi – asset exit.

Reading of Cardano [ADA] Price Prediction 2023-24

The readings were supportive

Increased congestion and network developments have been accompanied by some changes in ADA’s on-chain performance as well. ADA volume increased last week as its price rose. This reduced the chances of a sudden drop in prices.

ADA has also managed to increase its demand in the derivatives market as Binance’s funding rate has shot up in recent days.

Cardano’s development activity also increased, as it ranked third in the list of top projects by average daily development activity on GitHub.

ADA’s 1-week price volatility, after recording a decline, has risen, indicating that ADA’s price may have large fluctuations in the future.

At the time of publication, ADA’s price had risen more than 3% over the past seven days and was marketing at $0.3998 with a market cap of over $13.8 billion.

Source: Santiment

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