- Cardano’s daily transactions have surged past 50,000, with $684.6M in 24-hour volume, driven by renewed excitement over a potential ADA spot ETF approval by the SEC on May 29.
- Whales are accumulating ADA, pulling $680M off exchanges in anticipation of a rally, with price predictions pointing toward a return to $3 and possibly reaching $4.50 if key resistance is broken.
- Developer activity on Cardano is now outpacing Ethereum and Solana, signaling strong network growth and stirring speculation about ADA overtaking USDC in market cap.
Cardano’s been heating up lately, with daily transactions shooting past 50,000 — all while whispers of an ADA ETF approval stir up fresh excitement. Traders are watching closely as the price action hints at something… bigger.
On-Chain Activity Surges, Eyes on ETF Approval
So, here’s the scoop: just a few weeks ago, Cardano’s daily transactions were lounging around under 30K. Now? They’ve spiked to a clean 50,000, according to a post on X from TapTools. Not just that — total transaction volume in the last day hit a whopping $684.6 million. That’s no joke. Naturally, ADA’s price has been riding this wave, climbing nearly 8% since the start of May.
And the reason behind the buzz? Everyone’s talking about a potential spot ADA ETF. The SEC’s decision is due May 29, and bettors on PolyMarket are putting the approval odds at 71%. If it gets the green light, we might see institutions pour into ADA the same way they did with Bitcoin and Ethereum.
Could $3 Be Back on the Table?
With that ETF decision hanging in the air, whales are quietly stacking ADA. Data from Cardano Feed shows about $680 million worth of tokens leaving exchanges — which usually means holders are expecting the price to move up. Based on these signs, ADA could be gearing up to retest the $3 mark — its previous high.
Digging deeper, Coingape’s analysis says ADA might even 6× from here, hitting somewhere near $4.50 if it breaks out of the current parallel channel it’s stuck in. Seems like a long shot, but with the kind of volume and momentum we’re seeing, maybe not that crazy.
Dev Activity and Institutional Interest Picking Up
It’s not just trading data either. Developer activity on Cardano is booming — even outpacing Ethereum and Solana recently. That’s a pretty strong signal that the ecosystem’s alive and building. Some in the space are now even speculating that ADA could pass USDC in market cap — which could stir up some ripple effects for Solana too.
Whether or not the ETF goes through, Cardano’s showing signs it’s not done yet. And for those watching closely, this might just be the start of something bigger.
