Cardano Ignites Notable Bounce As ADA Development Activity Surges to New All-Time High: Analytics Firm
Crypto analytics firm Santiment is digging into the charts to produce granular insights about a trio of altcoins.
Santiment first highlights decentralized blockchain platform Cardano (ADA) as seeing an impressive price increase while also noting that development activity on GitHub has surged to over 450 submissions per day.
“Cardano is one of many altcoins that have enjoyed a great start to the week, currently +13% in the past 24 hours.
Development activity has hit all-time-high levels, as ADA’s team worked on innovating while prices were suppressed.”
At time of writing, Cardano is up 6.85% over the last 24 hours and priced at $0.614.
Santiment next looks at decentralized oracle network Chainlink (LINK), pointing out that the number of big players in the world of crypto who hold more than 100,000 LINK has increased despite the altcoin’s lackluster price action.
“Chainlink appears to be middle of the pack today on a big altcoin recovery day, up +8.5%.
Notably, we’ve seen that the amount of whale addresses holding 100,000 or more LINK has increased substantially, up +11.2%, despite the falling prices.”
Chainlink is currently up 2.09% over the last 24 hours and changing hands for $7.62.
Last on the analytics firm’s list is Yearn.Finance (YFI), a yield optimizer that operates in the decentralized finance (DeFi) niche.
Santiment notes that despite developer Andre Cronje leaving DeFi as well as YFI being down massively from its May 2021 all-time high above $90,500, work continues on the project.
“YFI was once the DeFi darling in crypto, just one year ago. Now down -91% over the past year after its glory days of [Andre Cronje] posts pumping Yearn.Finance.
The coin isn’t quite as abandoned by devs as you think.”
Like many crypto assets, Yearn.Finance is down considerably after a market-wide crash during the second week of May, having plunged 55.9% from a monthly high of $18,346 on May 4th.
YFI is currently valued at $8,138.
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