- The Cardano DJED stablecoin has notably outranked USDT amid current banking woes.
- The growth of the Cardano protocol is partly fueled by Whale actions.
With the crypto ecosystem currently experiencing a massive revival with respect to its price trends and valuation, the recently launched DJED stablecoin, one of the most popular on the Cardano (ADA) protocol has hit an impressive milestone. The Djed stablecoin outranked Tether (USDT), the world’s largest stablecoin by market cap in terms of current price action.
As reported earlier, the DJED capitalized on the liquidity woes most stablecoins faced with the crisis that rocked the crypto banking system last week. At a time, DJED was trading at a price of $1.08 per token outpacing USDT. Even at the time of writing, the COTI-designed stablecoin, is considered to be one of the few over-collateralized assets in the industry trading at a 1 percent increment against USDT.
The odds have been in the favor of DJED as Cardano whales have been on a massive buying spree in recent times. With the “Buy the Dip” strategy that was implemented by many traders with very big bags, both ADA and DJED have been well on the receiving ends as many seek to take a position so as to benefit from the price dips.
The whale accumulation appears to be working already considering the fact that the prices of most digital currencies are now experiencing a bullish uptrend. Led by Bitcoin (BTC) which is up 14.11% to $23,541.22, Cardano is now changing hands at a spot price of $0.3487, up 13.30% from the past 24 hours.
As one of the tokens that have borne the biggest brunts of downfall over the past year, Cardano remains primed for growth as its whales have as much an incentive to acquire the coin seeing it is still down by 88.65% from its All-Time High (ATH) of $3.10.
The Future of Cardano and DJED
The fact that both protocols are interwoven is an indication that their future is tied to each other in the long term. Cardano is known as a high-growth blockchain protocol whose core target remains to unseat Ethereum as the largest smart contracts hub in the world.
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While its strides are relatively slow-paced, it is certainly yielding fruits in remarkable ways. As reported earlier by Crypto-News Flash, Cardano hit a new ATH in terms of the Total Value Locked (TVL) on its smart contracts. The TVL is worth 340.09 million ADA coins worth a total of $108.28 million.
With protocols like Minswap, Indigo, topping the charts of the most functional applications on Cardano with high retention value, WingRiders, DJED and MuesliSwap also make up the top 5. Overall, the growth of the smart contract hub on Cardano was made feasible and with additional features including the Python-enabled smart contract functionality as well as the Hydra scalability tool, we can expect more bullish growth momentum for Cardano across various aspects of its ecosystem.
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