Connect with us
Active Currencies 14553
Market Cap $2,670,378,552,547.84
Bitcoin Share 49.81%
24h Market Cap Change $-1.22

Can Cardano’s development activity play a key role in ADA’s survival

2min Read

Share this article

  • Cardano outperformed other crypto currencies in development activity
  • Its NFT floor prices grew while volume declined

On 2 December, 2022, Santiment revealed that Cardano [ADA] topped the list of development activity over the last 30 days. ETH, thus, out-performed currencies like Polkadot [DOT] and Ethereum [ETH]. This spike in development suggested that there may be more updates and upgrades making their way to the Cardano ecosystem.


Read Cardano’s [ADA] Price Prediction 2022-2023


Besides improvements in development activity, Cardano also witnessed some growth in the NFT space. According to a tweet by Stocktwits NFTs, multiple Cardano NFT floor prices reached their all-time high over the last few weeks.

 

Not all roses for Cardano

Cardano, despite its growing floor prices, witnessed a decline in NFT volume. According to data provided by opencnft, Cardano’s NFT volume plummeted by 50.93% and the number of NFTs sold had fallen by 19.35% in the past 30 days.

Source: opencnft

In terms of DeFi, Cardano’s total value locked (TVL) witnessed an uptick after 22 November. As of 2 December, the Cardano’s TVL was at $58.62 million, and witnessed a decline by 1.37% between 1 and 2 December.

Additionally, Cardano’s dApps continued to witness a decline in activity. According to DappRadar’s data, dApps on the Cardano network such as Miniswap and SundaeSwap observed a slump in terms of unique active users. Unique active users for Miniswap dwindled by 20.68% in the last seven days. For SundaeSwap, the number of active users fell by 12% during the same period.

Source: DefiLlama

Cardano on other fronts…

Coming to on-chain metrics, Cardano’s volume depreciated immensely over the last month.

Since 2 November, Cardano’s volume fell from 464 million to 204 million in 30 days. Its Market Value to Realized Value (MVRV) long/short difference was in the negative as well.

This implied that short-term holders could exit their positions and still be profitable. However, long-term holders would have to wait out the bear market before seeing any signs of profit.

Source:Santiment

At the time of writing, ADA was trading at $0.319. Its price decreased by 1.2% in the last 24 hours, according to CoinMarketCap.

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.