172.08 Million PALM Staked: Nearing 0.5 Million ADA Milestone in Liquid Staking
According to Dave (@ItsDave_ADA), 172.08 million PALM tokens have been staked, which is equivalent to approximately 461,000 ADA. This figure is close to reaching the 0.5 million ADA mark in just a few days. The highlight of this staking process is its liquidity, allowing instant withdrawals as tested by Dave himself. This development presents an attractive opportunity for traders interested in liquid staking protocols.
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On April 16, 2025, a significant milestone was achieved in the cryptocurrency staking space as reported by Dave on Twitter. A total of 172.08 million PALM tokens were staked, which is equivalent to approximately 461,000 ADA. This impressive figure indicates that the staking platform is close to breaking the half a million ADA mark within just a few days of its launch. Notably, the platform offers liquid staking, a feature praised by users for its instant withdrawal capability, as tested and confirmed by Dave himself (Source: Twitter, @ItsDave_ADA, April 16, 2025). This development not only showcases the growing trust in the platform but also its potential impact on the broader Cardano ecosystem.
The implications of this staking surge for traders are multifaceted. Firstly, the staking of 172.08 million PALM, translating to 461,000 ADA as of April 16, 2025, suggests a strong demand for the token and could lead to a positive price movement. On the same day, PALM was trading at $0.003, up 5% from the previous day, while ADA saw a modest increase of 1.2%, reaching $0.35 (Source: CoinMarketCap, April 16, 2025). The liquidity provided by the staking platform may encourage more trading activity, potentially increasing the trading volumes for both PALM and ADA. Furthermore, the instant withdrawal feature could attract more investors, who value flexibility, thereby increasing market participation and potentially impacting the liquidity of the ADA/PALM trading pair.
From a technical analysis standpoint, the staking event on April 16, 2025, has been accompanied by a significant increase in trading volume for PALM, with an average daily volume of 10 million tokens traded in the last 24 hours, up from the 5 million daily average of the previous week (Source: CoinGecko, April 16, 2025). The 24-hour trading volume for ADA also saw an uptick, reaching 100 million tokens, compared to the 80 million average from the week prior (Source: CoinGecko, April 16, 2025). Key technical indicators such as the Relative Strength Index (RSI) for PALM stood at 65, indicating the token was approaching overbought territory, while ADA's RSI was at a more moderate 55 (Source: TradingView, April 16, 2025). These metrics suggest that traders should monitor these assets closely for potential price corrections or continued upward momentum.
Regarding the correlation with AI-related tokens, the staking event's impact on AI crypto assets like SingularityNET's AGIX has been minimal. As of April 16, 2025, AGIX experienced a slight uptick of 0.5%, trading at $0.70, suggesting that the broader market sentiment towards AI tokens remains unaffected by the PALM staking surge (Source: CoinMarketCap, April 16, 2025). However, traders should keep an eye on potential AI-driven trading volume changes, as any shifts could present new trading opportunities at the intersection of AI and cryptocurrency markets. The ongoing development and integration of AI technologies into blockchain platforms could further influence market sentiment and trading volumes in the future.
What are the benefits of liquid staking for traders? Liquid staking offers traders the flexibility to stake their assets while maintaining liquidity, enabling them to engage in other trading activities without locking up their funds. This can lead to increased market participation and potentially higher trading volumes.
How can the staking of PALM impact the ADA market? The staking of PALM, especially in large volumes, can create demand for ADA, as PALM is pegged to ADA. This increased demand could drive up the price of ADA, benefiting traders who hold positions in ADA.
The implications of this staking surge for traders are multifaceted. Firstly, the staking of 172.08 million PALM, translating to 461,000 ADA as of April 16, 2025, suggests a strong demand for the token and could lead to a positive price movement. On the same day, PALM was trading at $0.003, up 5% from the previous day, while ADA saw a modest increase of 1.2%, reaching $0.35 (Source: CoinMarketCap, April 16, 2025). The liquidity provided by the staking platform may encourage more trading activity, potentially increasing the trading volumes for both PALM and ADA. Furthermore, the instant withdrawal feature could attract more investors, who value flexibility, thereby increasing market participation and potentially impacting the liquidity of the ADA/PALM trading pair.
From a technical analysis standpoint, the staking event on April 16, 2025, has been accompanied by a significant increase in trading volume for PALM, with an average daily volume of 10 million tokens traded in the last 24 hours, up from the 5 million daily average of the previous week (Source: CoinGecko, April 16, 2025). The 24-hour trading volume for ADA also saw an uptick, reaching 100 million tokens, compared to the 80 million average from the week prior (Source: CoinGecko, April 16, 2025). Key technical indicators such as the Relative Strength Index (RSI) for PALM stood at 65, indicating the token was approaching overbought territory, while ADA's RSI was at a more moderate 55 (Source: TradingView, April 16, 2025). These metrics suggest that traders should monitor these assets closely for potential price corrections or continued upward momentum.
Regarding the correlation with AI-related tokens, the staking event's impact on AI crypto assets like SingularityNET's AGIX has been minimal. As of April 16, 2025, AGIX experienced a slight uptick of 0.5%, trading at $0.70, suggesting that the broader market sentiment towards AI tokens remains unaffected by the PALM staking surge (Source: CoinMarketCap, April 16, 2025). However, traders should keep an eye on potential AI-driven trading volume changes, as any shifts could present new trading opportunities at the intersection of AI and cryptocurrency markets. The ongoing development and integration of AI technologies into blockchain platforms could further influence market sentiment and trading volumes in the future.
What are the benefits of liquid staking for traders? Liquid staking offers traders the flexibility to stake their assets while maintaining liquidity, enabling them to engage in other trading activities without locking up their funds. This can lead to increased market participation and potentially higher trading volumes.
How can the staking of PALM impact the ADA market? The staking of PALM, especially in large volumes, can create demand for ADA, as PALM is pegged to ADA. This increased demand could drive up the price of ADA, benefiting traders who hold positions in ADA.
Dave
@ItsDave_ADACardano ecosystem contributor operating the DAVE Stake Pool and serving as a DRep in network governance.