Cardano's ADA Token Surges by Over 28% in One Week

Cardano's ADA token has seen significant gains in recent days, rising by over 28% in just one week. As of September 23rd, ADA was trading near $0.25 on CoinGecko, up roughly 2% over the past 24 hours and 27.7% over seven days.

The price surge has been attributed to several factors, including the token's integration with the x402 payment standard. This allows developers to build applications that can pay for online services using ADA and Cardano native tokens.

According to DeFiLlama data, active Cardano addresses climbed roughly 60% in a day, from around 14,000 to more than 22,000. Meanwhile, CardanoScope recorded 33,919 transactions on September 21st, up 71% from the weekly low of 19,844.

The uptick in network activity is seen as a sign that market sentiment around the network is improving, which could help support demand for ADA if activity remains elevated. Furthermore, derivatives activity has also contributed to the rally, with futures open interest reaching roughly $578 million and shorts accounting for more than 80% of liquidated ADA positions.