Cardano’s native token, ADA Coin, has surged, gaining more than 13% in terms of token price action; Trying to recover the losses of October. ADA coin price rose today and made significant gains, however, it fell 1.46% to $0.4046.

ADA Coin Price “Rocketed”

Cardano made an impressive profit. Over the past seven days, traders have posted gains totaling more than 13%, which members of the European Parliament called “rocket”.

Also Read: 10 Things You Didn’t Know About Cardano Coin

The activity of the blockchain network in the last 24 hours shows a significant increase in trading volume and number of transactions. Specifically, ADA outperformed the market with a 150% volume increase on the last day alone.

As such Show weekly chart The token has great rewards. ADA coin price increased by more than 13%, making it one of the best performers among all cryptocurrencies. The ADA/USD pair broke above the $0.36 resistance, which can be considered a positive sign for investors.

Also Read: Ada Coin Price Rises To Long Expected Levels.. What Are The Future Expectations?

The recent rise in the price of the ADA coin came after a member of the European Parliament described the cryptocurrency as a “rocket in the crypto space.” MEP Stefan Berger made the comments on Twitter after meeting Frederic Gregard, CEO of the Cardano Foundation.

Will the addition of ADA negatively impact the FTX platform?

Crypto influencer Ben “Bitboy” Armstrong expressed reservations about the listing of the ADA coin on the FTX platform on Tuesday, October 24. BitBoy tweeted that FTX could force bankrupt crypto broker Voyager to liquidate all ADA holdings through its spot pair listing. In response, Cardano co-founder Charles Hoskinson said that Voyager ADA accounts should not be liquidated if FTX starts ADA trading. FTX CEO Sam Bankman-Fred has remained silent so far.

Also Read: Cardano Founders Talk About 2022 Currency Goals

Why is the price of ADA coin rising?

The famous Cardano influencer noted that the cryptocurrency is in the middle of a bull run. The influential, known as ADA Whale, With his statement on Twitter On October 25, referring to recent network activities, he tweeted:

We are in the middle of a small bull race in network activity as daily txn tend towards 100,000 with 50% blockchain load.

ADA Vail added:

“Mostly thanks to the bullish rally in NFTs, but trading on DEXs has seen a significant rally in recent weeks.”

Earlier, the guide Cardano provided a bullish ADA coin price forecast. He noted that Cardano will explode in the next cycle once DeFi, NFTs and community engagement take off. He mentioned that institutional investors are losing interest in Layer 1 (“L1”) blockchain networks.

---

Read more: