Altcoin
ADA’s development activity soars, but the active users metric shows that…
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Journalist
- Cardano emerges with the second-highest development activity.
- ADA price trend flashes positive as it trends above its short moving average.
Cardano [ADA} emerged as a top-ranking platform, garnering significant attention for its bustling development activity. Many talented developers are actively contributing to the network’s growth and evolution. Amidst this thriving activity, what is the state of active users on the network?
– How much are 1,10,100 ADAs worth today
Cardano dev activity makes a mark
As of 26 July, Santiment unveiled a development activity ranking chart, revealing Cardano’s remarkable position in second place. This chart meticulously tracked the development efforts of various platforms over the past 30 days, and Cardano had an impressive score of over 450.
?? Top 10 #crypto assets by development activity: notable #github commits, past 30 days:
T1 @Polkadot $DOT
T1 @kusamanetwork $KSM
3 @Cardano $ADA
4 @dfinity $ICP
5 @hedera $HBAR
6 @vegaprotocol $VEGA
7 @ethstatus $SNT
8 @cosmos $ATOM
9 @Ethereum $ETH
10 @decentraland $MANA pic.twitter.com/SnWDQf5a3y— Santiment (@santimentfeed) July 27, 2023
Analyzing the data on Santiment, it became evident that Cardano’s network had experienced a surge in developer activity, reaching substantial heights until the start of July. However, it also witnessed a significant decline during that time.
As of this writing, developer activity on the Cardano network was again on the rise, surpassing a score of 75.
Source: Santiment
Cardano’s active addresses remain stable
Over the past 30 days, development activity on Cardano witnessed fluctuations with occasional spikes. On the contrary, another crucial on-chain metric exhibited a more stable trend.
As depicted in the Santiment chart, the number of active addresses consistently maintained the impressive milestone of 1 million since its rise in June.
Source: Santiment
Although a slight decline was noted around 2 July, the active addresses rebounded and stood at approximately 1.03 million at the time of this writing. The daily active metric also showed a relatively subdued pattern, lacking major spikes during this period. As of this writing, the daily active addresses hovered around 20,000.
ADA resumes uptrend
When examining the daily timeframe chart for Cardano’s volume metric, it became evident that significant trading activity has yet to occur. However, despite the lack of major interactions, there has been a consistent back-and-forth between buyers and sellers pressure over the past few weeks.
Source: TradingView
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As of this writing, the buyers’ pressure seemed to have the upper hand, as ADA was trading at around $0.3, showcasing a notable increase of over 1.3%.
Moreover, the price was currently maintaining its position above the short Moving Average (yellow line), signaling a positive trend in the market. Notably, the overall trend for Cardano remained bullish, as indicated by its Relative Strength Index (RSI) line.
