Cardano Network Activity Spikes on FTX Crash, Here's Detailed Insight

Nov 13,2022
Cardano Network Activity Spikes on FTX Crash, Here's Detailed Insight

According to the data information of Cardano Blockchain Insights, the popularity of Cardano network rose sharply on the day when the key crypto exchange FTX collapsed. Therefore, on November 8, the number of the latest addresses in the network reached 10360, a record high in nearly half a year. At that time, there were at least 1500 addresses per day. Another encryption analysis portal, Santiment, may be that from November 8 to 9, the number of detailed addresses of theme activities in Cardano's network increased by 16927.

One of the unusual changes was the increase in the number of transactions on the network that day, reaching 391805, about 2.5 times the standard number.

Cardano (ADA) price behavior

The price personal behavior of ADA in the past three days is very encouraging after the storm that was once one of the great crypto exchanges.

From November 8 to 9, ADA's price fell by about 22%, but it still beat BTC with 5%, ETH with 11% and even 18%. Solana, Simano's direct competitor, is not worth mentioning at least for now, because he has become the scapegoat and lost more than half of its use value because of its relevance to Alameda and FTX.

So far, ADA has recovered 18%. It is reported that Simano is basically not harmed by the FTX collapse, which may answer the lack of ADA in the notorious spot trading market of the exchange.