The Rise of SundaeSwap

Recent updates reveal that SundaeSwap, the premier decentralized exchange on the Cardano network, has achieved over 100 million ADA (approximately $109 million) in trading volume, as reported in a recent tweet. This milestone suggests that Cardano is gradually shedding its reputation as a "ghostchain." Achieving 100 million ADA in just a month since launching its fully functional beta version marks a significant accomplishment.

Although this figure pales in comparison to Uniswap's staggering $800 billion in trading volume, it still represents a promising beginning for SundaeSwap, which serves as the flagship platform within the Cardano ecosystem.

SundaeSwap Launch Challenges

The launch of this highly awaited DEX was anticipated to be a critical turning point for Cardano, leading to a notable increase in its token price leading up to the launch. However, the rollout of SundaeSwap faced numerous technical challenges, which was somewhat expected. We had previously cautioned our readers that the launch would likely encounter various issues.

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Despite the setbacks, it appears that Cardano has not fallen as far behind as many had anticipated. Users experienced difficulties in converting their ADA tokens to SUNDAE due to significant network congestion. In fact, the percentage of fully filled blocks on Cardano reached around 94% in January.

However, there are positive developments for Cardano. For instance, it has been consistently delivering strong on-chain data. A recent report from Messari highlighted that Cardano outperformed both Bitcoin and Ethereum in adjusted trading volume on February 12.

This data contradicts the frequent critique that Cardano operates as a "ghostchain" lacking meaningful applications.

Indicators of Price Growth

The price of Cardano appears to be more resilient than many other cryptocurrencies currently available. It exhibits characteristics that Bitcoin and Ethereum have yet to demonstrate, specifically a clear signal of a potential bottom through bullish divergences in both MACD and RSI indicators on the daily chart.

These indicators suggest that a shift in momentum is already underway. Coupled with the solid on-chain data and scaling efforts surrounding the Cardano blockchain, a promising outlook for the altcoin is becoming increasingly evident. It seems all that is required now is a little patience as more exciting developments are on the horizon.

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