When its price fell following SEC litigation against Coinbase and Binance, Cardano reportedly recorded new highs in important metrics, according to on-chain analytics company Santiment.
Cardano’s ADA was classified as an unregistered security in the SEC case brought against the two largest cryptocurrency exchanges. No matter what, according to Cardano Builder IOG, ADA is not a security.
Unexpectedly, on June 9, the stock trading software Robinhood announced that it will be removing several tokens, including ADA, from its marketplace. This occurred prior to ADA’s price dropping by over 35%.
Particularly, when cryptocurrency values fell broadly, the cryptocurrencies included in the SEC complaints saw huge reductions, just like ADA.
Cardano sets yearly highs in key metrics
On-chain analytics company Santiment notes an odd phenomenon that happened on the Cardano network when prices plummeted amid the broader cascading of prices on the market.
Santiment observed that ADA’s capitulation occurred more noticeably than with other altcoins: “During last Friday’s sell-off, Cardano’s trading volume, address activity, and social dominance soared to a 2023 high:
During Friday’s drop, the Cardano surrender was more notable than that of other cryptocurrencies. After prices dropped by 35% between June 5 and 9, Saturday’s 2023 highs in ADA volume, address activity, and social dominance presented a buy-the-dip opportunity.
The on-chain analytics company saw that as the price of Cardano reached its low point, this appeared to be the buy-the-dip chance.
Cardano recovered as a result, having had its worst seven-day performance since May 2021. The cost of ADA rose to $0.28 on June 12 from the previous week’s six-month low of $0.23, an increase of about 26%.
The increase occurred at the same time that other cryptocurrency markets saw gains, which showed that investors had purchased the decline.
As of the writing of this article, ADA has increased a little over the previous day to $0.284, hitting intraday highs of $0.286.
