Cardano (ADA) price rallies 139% following smart contract implementation

Cardano (ADA) price has risen 100% since February 1, as social media sharing and excitement over the addition of the smart contract functionality pushed ADA to its highest price level since a bull market in January 2018.

Data from Cointelegraph Markets and TradingView show that ADA rose from $ 0.35 on February 1 to its current price of $ 0.71, a move that elevated Cardano to fourth place in the ranking by total market capitalization.

4-hour chart ADA / USDT. Source: TradingView

The first boom started after the team upgraded their delegation front on Daedalus. Another noticeable rise in purchase volume began on February 4 after Cardano chirp About the successful launch of a smart contract on its test network.

ADA price versus tweet volume. Source: tie

Data from TheTIE shows that Cardano’s social media mentions have increased since the start of the year, and the latest ads have been followed by a spike in price and tweet volume since the first week of February.

The Etherum network is still struggling with heavy congestion and soaring gas charges, and projects like Cardano, geared to share, are steadily attracting more attention.

ADA total bet. Source: Staking bonuses

The volume of ADA bound to the network continued to increase throughout January, and is now a record high of 22.6 billion tokens, accounting for 72% of total supply. There are currently 1,602 active auditors on the network serving a total of 176,696 delegates.

Once the smart contract functionality is brought into the Cardano home network, the platform will be able to host a variety of dApps including Decentralized Financing Protocols (DeFi), a sector that has been one of the main driving forces in the growth of the cryptocurrency sector over the past year.