Cardano’s ambitious stablecoin Djed is to be launched this week. ADA anticipated a bullish surge but large whales could spoil the party. The launch of the much-anticipated over-collateralized stablecoin Djed on the Cardano [ADA] network is slated to happen this week. Just days before the launch, COTI, the firm developing Djed in collaboration with Input […]
The cumulative effect of these soon-to-be-launched products generated considerable social buzz for Cardano. According to Lunar Crush, the number of social mentions hit a weekly high of 2.21k on 29 January.ADA’s on-chain activity echoed the positive sentiment. The development activity has been on an upward trajectory for the most part of January, indicating that upgrades and enhancements have a higher chance of meeting their deadlines.
The daily active addresses dipped after spiking on the launch of Djed in February. Another update on the launch could very well increase the activity. The network profitability was high as disclosed by the positive value of the MVRV ratio. But the falling MVRV Long/Short Difference indicated that short-term traders were in profit and hence selling pressure won’t be immense.
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