Cardano ADA/USD is a proof-of-stake blockchain platform that has seen a lot of activity throughout the past month. On June 27, Cardano hit a whole new milestone that surpassed 650,000 staking addresses.
In fact, in the span of three weeks, it managed to add more than 50,000 new staking addresses.
This recent influx has brought the current total of ADA staking addresses over the 662,000 mark.
It has 2,656 active mining pools as well, which means that this blockchain is quite active, and as such, the ADA tokens are in constant use.
Recent catalysts to support growth
On June 28, Vendetta Capital announced its investment in Ventup, which is an IDO launchpad for high-growth potential projects which are powered by Cardano.
The functionality ADA brings to the table are fast transactions, scalability and sustainability, security, interoperability, a huge community, and decentralization.
On June 30 we also saw Cardano’s implementation within the Nexo Exchange.
Through an addition such as this one, the platform will offer 20 assets available for their services.
The users of Nexo are given the opportunity to buy and sell the native Cardano coin, get loans backed by it with interest of around 7% and earn up to 8% interest on the coin.
What this means is that we will see a heightened usage when it comes to ADA tokens, and this increase in demand will make the price go higher as a result. On June 28, the price of ADA rose to $1.31.
Should you buy Cardano (ADA)?
On June 30, the price of ADA was at $1.32.
Throughout the entirety of June, it dropped to the $1 mark as the lowest point and was at $1.87 on June 3 as one of its highest points.
This gives us a clear perspective as to the potential this token has for the near future and can let us pinpoint where the price might be going next.
When Ventup truly shines, and with the heightened activity as the result of the numerous additional staking addresses as well as the number of active mining pools, it is highly doubtful that the price of ADA can drop tremendously.
In fact, it has the potential to rise to the $1.50 mark yet again by the end of July due to the numerous developments occurring on its blockchain, which can lead to an increase in demand for the ADA token.
At the $1.32 mark, it is a worthwhile investment if you are ready to hold onto the token for at least two weeks to see how high it rises, and if you find it anywhere around the lower $1 mark then it is definitely worth the investment.