Inflows of Cardano’s Ada hit a record-high last week as investors anticipated the coming upgrade as part of the Alonzo series.
- Inflows into Ada-backed products hit $10.1 million in the week ending August 27, which strategists believe is driven by investors trying to diversify and consider other digital tokens.
- The surge comes after Cardano earlier this month announced the “purple” upgrade scheduled on September 12, which will enable the platform to handle smart contracts and other applications.
- Investors believe enabling smart contracts will promote the use of native tokens of the blockchain and boost its valuation. Ada more than doubled its value this month at nearly $3.00.
Ada has outpaced XRP as the third-largest cryptocurrency, behind Bitcoin and Ether. Data indicates that XRP posted $300,000 worth of outflows, while Polkadot’s DOT recorded $1.5 million in inflows.
ADA is down 0.48%, XRP is up 1.30%, BTC is down 1.01%, and ETH is up 6.56%.
Source: Markets Insider