Cardanohas seen explosive growth in on-chain transaction volume in 2023, increasing over 1,700% since January according to market intelligence firm Santiment. This surge comes despite regulatory uncertainty from the SEC regarding the ‘security’ status of Cardano’s ADA token.
Analysts highlight that Cardano ranks third in development activity among major altcoins like Polkadot and Kusama, showing the network’s strong technical progress. Cardano’s price also saw massive gains after a long consolidation period from 2018-2020, surging nearly 3,000% in the subsequent bull run.
The SEC has targeted ADA and other altcoins in lawsuits against crypto exchanges like Binance and oinbase">Coinbase. While a partial legal win by XRP against the SEC boosted optimism for altcoins, ADA remains sanctioned from trading on some platforms like Revolut.
However, Cardano has powered through the regulatory pressure. With remarkable on-chain growth and development activity, plus bullish price forecasts, Cardano looks positioned to see further success in 2023 and beyond regardless of the uncertain regulatory environment. The network’s utility and real-world use cases are fueling organic adoption and transaction volume.
