More than 157 million ADA, worth $40 million, have been bet on by Cardano users in the previous week.
approximately the last week, Cardano users have invested approximately 157 million ADA. After a drop of more than 5% in the market value of the seventh-biggest cryptocurrency in the world, staking activity spiked. Since August 21, 2023, Cardano holders have bet a total of $40.8 million ADA, according to statistics available on the network.
Cardano Blockchain Data from Looker Studio shows a rise from 62.9% to 63.4% of Total ADA Staked between August 21st and 28th. An estimated 157,000,000 ADA were staked by users of the blockchain, making up almost 0.5% growth in the statistic.
At its current price of $0.26 on CoinMarketCap, the freshly staked tokens are worth almost $40 million. After starting the month at $0.31, ADA has seen its value drop to as low as $0.25 this week, a loss of almost 16%. A rise in staking activity among ADA holders may be attributed to the recent price drop.
Looker Studio has also found that the number of daily transactions on the Cardano Blockchain has dropped significantly this month. Over the same time period, daily payments fell by more than 42%, from 216,000 to 124,000.
The number of daily new ADA wallets increased from 901 on August 21 to 1138 on August 28—one of the few measures that showed clear growth over the last week. According to Coinglass, the number of open ADA perpetual contracts has decreased by 2.2% in the last day.
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