Author: dfmines

Cardano has outperformed most of the market with a sharp 50% rally during the past week. Here’s what’s driving this run, according to on-chain data. Cardano On-Chain Metrics Have Lit Up Recently According to data from the on-chain analytics firm Santiment, a couple of activity-related metrics have spiked for ADA recently. The indicators in question are the Transaction Volume and the Whale Transaction Count. The first of these, the Transaction Volume, keeps track of the total amount of Cardano that’s becoming involved in transfers on the blockchain every day. This metric basically tells us whether the ADA investors have a high interest in trading the coin or not. Related Reading: Bitcoin Is About To See A Historically-Profitable Crossover In This Metric Whereas the Transaction Volume is a general metric, the Whale Transaction Count provides information about the activity level of only a specific investor group: the whales. As the metric’s name implies, it measures the total number of transfers that these humongous investors are making on the network. More formally, it specifically tracks the transactions carrying a value of more than $100,000. Now, here is a chart that shows the trend in the Transaction Volume and the Whale Transaction Count for Cardano over the last few months: As displayed in the above graph, both of these on-chain indicators have shot up for Cardano recently, which implies activity across the board has risen on the network. This recent spike in activity has coincided with ADA’s sharp rally, which has put the cryptocurrency at impressive gains of more than 50% over the past week. Given the timing, it’s likely that the increased interest from the investors has played a role in the price surge. At present, the weekly Transaction Volume for Cardano is sitting at around $52 billion, which is a 7-month high for the metric. Similarly, the Whale Transaction Count has a value of 8,900, the highest in 6 months. From the chart, it’s apparent that ADA also saw a simultaneous surge in these metrics back in June. This previously elevated level of activity led to a 26% increase for the coin. Related Reading: Bitcoin Hashrate Falls Off, Miners Expecting Pause In Bull Run? Something to note, however, is that this last activity spike occurred alongside a bottom for the coin, while the recent one has come as the asset has been rallying. The current high interest in Cardano could certainly act as more fuel for the rally, but it could also very well turn into a profit-taking storm as investors’ gains balloon up. It only remains to be seen which scenario would follow for ADA in the coming days. ADA Price With positive returns of 12% during the last 24 hours, Cardano is currently the best performer among the top cryptocurrencies by market cap. Featured image from Dall-E, Santiment.net, chart from TradingView.com

Galaxy Research data revealed that $174 million had been invested in Bitcoin layer-2s between January and September. 

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Bitcoin (BTC) achieved a historic milestone, reaching an all-time high of $98,367 per coin, just 1.66% shy of the coveted $100,000 mark. Bitcoin Approaches $100K, Eyes Market Milestone On Thursday morning at 6 a.m. Eastern Time, the leading cryptocurrency bitcoin (BTC) rose 5.2% against the U.S. dollar in the past 24 hours and 7.8% over […]

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PRESS RELEASE. Shemaroo Entertainment, a leader in India’s media and entertainment industry for over six decades, has announced a strategic partnership with PWR Chain, an advanced Layer 0 blockchain infrastructure. Through this alliance, PWR Chain becomes the official blockchain partner for ShemarooVerse, Shemaroo Entertainment’s immersive platform set to deliver next-generation immersive content. This partnership is […]

The Sui network has ceased block production for over two hours, leading to a sharp decline in the token’s price. Data from suivision and suiscan indicate that block generation stopped at 09:15 UTC today, and the network has yet to resume normal operations. This marks the first major outage for the project, a blockchain praised as “Solana killer.” SUI Price Crashes Following Network Outage Members of the community have suggested that issues with validators might be the cause of the disruption. Validators, critical for processing transactions and maintaining the blockchain’s integrity, appear to be experiencing problems. The official status page, status.sui.io, acknowledges the issue, stating that they are “continuing to investigate” and confirming that “validators are down.” Despite these updates, the development team has not released an official statement detailing the root cause or providing a timeline for resolution. Related Reading: SUI Price Stability At $3.5 Signals Room For More Growth, $4 Mark Imminent? Blockchain security firm PeckShieldAlert confirmed the disruption, noting that the “Sui blockchain network appears to be experiencing delays, with reports indicating that the latest block has produced over an hour ago.” #PeckShieldAlert #Sui blockchain network appears to be experiencing delays, with reports indicating that the latest block was produced over an hour ago pic.twitter.com/KHFpmMqKxB — PeckShieldAlert (@PeckShieldAlert) November 21, 2024 The incident has sparked discussions on social media, with several crypto community members drawing parallels between Sui’s current situation and Solana’s past network outages. Crypto analyst Quinten Francois commented, “SUI has been down for 55 min, with no blocks produced during this period. SOL 2.0?” Similarly, WantCoinNews expressed interest in how the Sui community and developers will handle the downtime, stating that their response could “either destroy or strengthen the trust in the chain.” They added a personal note, saying, “Let me just ignore this Solana type FUD and look for entries. Minimum $5.” Ben Armstrong, known as BitBoy, weighed in on the matter: “It is with great pause, I declare SUI officially the next SOL. How many times do I have to say it? Can’t wait to hear from the team on this one. Solana has taught us that it’s way better for a blockchain to be overwhelmed than not used.” Related Reading: Aptos Following SUI’s Lead? Analyst Says APT’s ‘Explosive Breakout’ Targets $20 Following the news of the outage, the token’s price dropped by 7%. Over the last 24 hours, the SUI price has fallen by nearly 10%, reflecting investor concerns over the network’s reliability. Despite this setback, SUI remains one of the few altcoins to have reached a new all-time high in the current market cycle. The price dip brings the token to a critical support level at the 1.618 Fibonacci extension of $3.24. If this support holds, SUI could be poised for another upward movement, potentially targeting the 2.618 Fibonacci extension level at $4.97. At press time, SUI traded at $3.39. Featured image from X, chart from TradingView.com

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Argentine President Javier Milei, who self-describes as anarcho-capitalist, issued recommendations to Elon Musk, head of the Department of Government Efficiency (D.O.G.E.), to develop his deregulation and state cleaning role. In Lex Fridman’s podcast, Milei urged Musk to be efficient and relentless in achieving D.O.G.E.’s objectives. “Just cut to the chase, cut to the chase. As […]