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Ghost chain? Cardano sees over $2 billion inflow into ADA in 24 hours

Ghost chain? Cardano sees over $2 billion inflow into ADA in 24 hours

Despite the decline in the sales of non-fungible tokens (NFTs) on Cardano (ADA) from its October 2021 peak of 254,383, earning it the moniker ‘ghost chain’ (a blockchain with little to no activity on it), the market capitalization of its token has increased by a whopping $2 billion over the course of a single day.

Specifically, Cardano’s market cap has gone from $10.11 billion 24 hours ago to $12.21 billion at press time, adding $2.1 billion and increasing over 20%, according to the data retrieved by Finbold from the cryptocurrency market monitoring platform CoinMarketCap on July 14.

Cardano 24-hour market cap. Source: CoinMarketCap

Cardano price analysis

Meanwhile, Cardano was at press time trading at the price of $0.3478, demonstrating an increase of 20.72% in the last 24 hours, gaining 23.51% across the previous seven days, and adding up to the monthly advance of 26.59%, as the most recent charts indicate.

Cardano 24-hour price chart. Source: Finbold

It is also worth mentioning that the number of long-term crypto wallets holding ADA for longer than 12 months has seen an increase of 180,000 over the course of the last two months, rising from 2.3 million on May 14 to 2.48 million as of July 14, having held out through the 36% price crash that had occurred during this period ($0.38 to $0.24 in mid-June).

Cardano addresses by time held. Source: IntoTheBlock

Indeed, Cardano is one of the crypto assets that have profited from the recent ruling in the legal case between blockchain company Ripple and the United States Securities and Exchange Commission (SEC), which has made waves across the industry, among others, Stellar (XLM), Solana (SOL),  and, of course, XRP, the token at the center of the lawsuit.

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