According to new data from Kraken Intelligence, Cardano recorded significant growth in transaction volume during which the volumes of major cryptocurrencies, including bitcoin, ethereum, and dogecoin, were struggling amidst the dire crypto winter landscape.
Cardano’s On-Chain Transfer Volume Grows At Breakneck Spead
Cardano’s on-chain transfer volume continues rising steadily despite the crypto market slump earlier this year following the spectacular implosion of Terra that erased about $40 billion of value in the space of days and the bankruptcies of Celsius, Three Arrows, and Voyager Digital.
Kraken Intelligence noted that Cardano has enjoyed a 268% year-to-date (YTD) spike in on-chain volume and a 16% increase on a month-on-month (MoM) basis. Algorand saw the biggest YTD drop of 88%, followed by Dogecoin (84%), then Ethereum (68%), and bitcoin (18%). The leading meme coin was the worst performer MoM with a 54% drop in on-chain volume.
Kraken analysts attribute Cardano’s robust...
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