Recent data shows that Cardano (ADA) is slowly climbing its way back up, with its Total Value Locked (TVL) surging by over 9% in the last 24 hours. This seven-day average of $154 million is the highest its been since May 2022, and has many investors asking if the cryptocurrency will reach its previous all-time high TVL. It seems like their questions may soon be answered.

The blockchain's developments have been promising and its upcoming Hydra 0.10.0 mainnet release and Plutus built-ins to support BLS12-381 curves could be the pivots of Cardano's future success. Input Output Global noted its impressive growth in April, and the DeFiLlama noted the increase in its TVL.

Moreover, Cardano's price on Coingecko currently sits at $0.391593, despite its recent 1.1% slump in the past 24 hours and 4.4% decrease in the past seven days. Interestingly enough though, its daily active addresses have spiked recently, its staking market cap is recorded at $9,037,199,920, and its total market cap is at $13 billion. The number of ADA stakers has also remained relatively stable despite the decline in price, and whale transaction count has also consistently remained high.

Perhaps the decline in the number of token holders has contributed to a weakened investor confidence; however, this may be partially counterbalanced by the whale popularity of ADA.

If the increased network usage, current developments and popularity among whales of Cardano prove to be true indicators of its upcoming performance, then investors could be looking forward to a bullish future in the cryptocurrency. Nevertheless, they should remember that while this news contributes important information to the conversation, it cannot be used as professional financial advice.



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