Cardano (ADA/USD) is a Proof-of-Stake (PoS) blockchain platform.
Cardano enables smart contract functionality and is aimed at providing an efficient alternative to networks using the power-intensive Proof-of-Work (PoW) consensus mechanism.
The Cardano network is powered by its native cryptocurrency, the ADA coin. ADA is used as a currency. However, holders can also stake the coin and earn rewards.
Santiment praise and whale support as catalysts for growth
On July 26, 2022, the crypto analytics firm known as Santiment claimed that the Cardano (ADA) blockchain has carried on to be the number blockchain when it comes to the frequency of meaningful activity on GitHub.
In fact, according to their tweet, Cardano reigns as the most developed asset in crypto, according to their analysis of code pushes, issue interactions, and a lot more.
Furthermore, according to data which was shared by whale monitoring service WhaleStats, Cardano became a top 10 holdings for the 2,000 largest whales on the BNB Chain (BSC).
This data was shared at a point in time when new developments surrounding the Vasil hard fork were made.
It is clear that there is a lot of development, as well as a lot of interest surrounding Cardano, and these factors are the main reasons why the cryptocurrency might see a high level of growth in the near future.
Should you buy Cardano (ADA)?
On July 27, 2022, Cardano (ADA) had a value of $0.4668.
When we go over its all-time high point of value, Cardano reached $3.09 on September 2, 2021.
When we take a look at its performance throughout June, ADA had the highest point of value on June 8 at $0.6646.
Its lowest point of value was on June 18 at $0.4318. This marked a decrease in value for the coin by $0.2328 or by 35%.
However, from June 18 to July 27, the Cardano (ADA) cryptocurrency has increased in value by $0.035 or by 8%.
With all of this in mind, we can expect ADA to reach $0.8 by the end of August 2022, making it a solid coin to buy.
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