As is known, the cryptocurrency market has gained momentum in recent days. During this recent market relaxation, Cardano (ADA) was one of the top earners among the top 10 cryptos. Looking at the developments for Cardano, it turns out that smart money is flowing to ADA instead of Solana (SOL), Dogecoin (DOGE) Shiba Inu (SHIB). Here is the latest data for Cardano…
SHIB, not ETH: Smart money flows to Cardano
According to Cardano Daily, the project witnessed “the highest flow of money on layer-1 Blockchains.” The Twitter account stated that the growth was driven by BNB Coin (BNB), with ADA following it. According to the Twitter thread, the project witnessed the inflow of $2.3 billion. This corresponds to a 16 percent growth. Ethereum (ETH) has seen $3.3 billion inflows, one billion more than ADA. Outside of Cardano, Ethereum Classic (ETC) and Avalanche (AVAX) saw growth of 14 percent and 13.4 percent, respectively.
TOP MONEY FLOW IN LAYER 1 BLOCKCHAINS
In terms of money flow, Cardano ranked the 2nd with $2.3B flow into the market cap, equivaling 16% growth. That is a huge number with a top9 market cap coin of the market.
#cardano #money #flow #layer1— Cardano Daily (@cardano_daily) October 27, 2022
In addition to smart money inflows, social dominance has increased in Cardano. According to LunarCrush, which measures social metrics on cryptocurrencies, 43.3 thousand shares have been made about ADA recently. This equated to an 8.9 percent increase over the most recent measurement. Social betting increased 8.44 percent with 206.2 thousand mentions. Social interaction increased by 12.78 percent with 536.29 million interactions.
Based on relative combined social + market activity, Cardano has hit an AlternativeRank™ of 1 out of the top 3,954 coins across the market.
One-week activity:
Shared links: 43.31K +8.9%
Social mentions: 206.2K +8.44%
Social engagements: 536.29M +12.78%https://t.co/YHBrYm9Mu5 pic.twitter.com/QTmrJLWjNf— LunarCrush (@LunarCrush) October 26, 2022
Is Cardano on the rise?
As it is known, Cardano is popular and also one of the biggest crypto projects in the market. However, ADA is a project that often splits the community in the cryptocurrency market. In other words, those who love love it very much, and those who don’t like it don’t like the project at all. Much of the hate for ADA comes from delayed launches. However, the project cryptocoin.com As we have also reported, it has been successful on the NFT front. It also reached new milestones along the way.
Last week, popular analytics firm Santiment made a post about Cardano. He said the ADA has reached its “lowest position compared to its realized value since January 2019.” The firm said it was an undervaluation “based on average trader losses.” The firm noted that the price of Cardano usually doubles when the score is at this level.
📊 #Cardano now sits at its lowest relative position compared to its realized value since Jan, 2019. This is a sign of undervaluation based on average trader losses. $ADA's price doubled the following 3 months the last time its MVRV Z-Score hit this level. https://t.co/D8Bwk2GWEB pic.twitter.com/gnOuGVqqOq
— Santiment (@santimentfeed) October 22, 2022
However, the ADA is currently down 5.1 percent. For this reason, it is the crypto currency with the biggest loss in the top 10 according to market value. But it is worth noting that the coin has risen by 13 percent in the last seven days. Currently, ADA is changing hands at $0.38.
