Cardano Staking Valuation Hits $8.9 Billion - Will it Drive ADA Price to $0.50?


21 Nov 2023 3:00 PM

After rejecting at $0.40 last week, the on-chain analysis explores how Cardano (ADA) bulls are bracing for another price breakout....

  • The Cardano (ADA) price attempted to reach $0.40 but was rejected.
  • On-chain analysis suggests that recent changes in Cardano staking dynamics could accelerate the ADA price rally.
  • The total ADA coins staked hit a 90-day peak of 23.05 billion on October 23, with a total staking valuation of $6.2 billion at the time.
  • Currently, a total of 22.94 billion ADA coins are staked, valued at $8.9 billion, accounting for 65.02% of total coins in circulation.
  • Increased staking activity can positively impact prices by reducing circulating supply and signaling network stability and potential.
  • The 15% increase in Cardano staking between September 28 and November 21 has been accompanied by a 40% ADA price rally.
  • The ADA Reward Rate has exceeded the inflation rate for the first time in the last 90 days, indicating potential bullish implications.
  • When the reward rate exceeds the inflation rate, it can create upward pressure on the token's price and incentivize investors to keep their tokens staked.

The article highlights positive developments in Cardano's staking dynamics, suggesting a bullish outlook for the ADA price rally.

Go to publisher site

You May Ask

What is the current total value of ADA coins staked in smart contracts?How does increased staking activity impact ADA prices?What is the significance of the ADA Reward Rate exceeding the inflation rate?How does reduced circulating supply and increased scarcity affect the ADA price?

Suggested Reads