The Cardano blockchain just achieved a significant milestone for inactive currency activity, according to on-chain analytics company Santiment.
Santiment said in a twitter thread that on Monday, October 31st, the number of old Cardano wallets moving ADA tokens reached its highest point since April 2022.
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After laying idle for months, more coins are starting to circulate again on the network, as seen by the surge of long-inactive wallets transferring ADA.
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Santiment particularly mentioned that the rise was being driven by wallets containing between 100,000 and 10 million ADA.
Coin movements that are dormant frequently precede increases in trade volume and token velocity. Therefore, following a relatively calm year, Santiment’s findings indicate that Cardano could be preparing for a period of increased on-chain activity.
The awakening in older wallets might be sparked by a number of things. After a recent surge, ADA prices rose beyond $0.29.
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Whether the increasing inactive coin movements turn out to be a transient surge or a long-term trend is still to be determined. After a protracted quiet, Santiment’s data suggests Cardano has hit a critical turning point, with tailwinds increasing for the network.
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