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Cardano holders may have reasons to celebrate even before Vasil rolls out

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Now that the hype around the Merge has settled down, it’s time for Cardano [ADA] to take over. The Vasil hardfork is due this month and the entire crypto community is keeping a close watch on the network. 

Most recently, Input Output Global (IOG) tweeted all the new and interesting developments that happened in the last week regarding the Vasil hardfork. 

Here is what’s new

According to the latest announcement, total transactions on the Cardano network reached 50 million. A similar increase also happened in the number of native tokens as it exceeded 6 million.

According to IOG, the Marlowe team tested Marlowe’s Plutus validators in a mock testing environment. They also implemented a coin-selection and transaction-balancing algorithm for Marlowe.

Moreover, the Daedalus team also tested the new Trezor firmware. The most notable change is that the PreProduction environment will hardfork on 19 September, prior to the mainnet hard fork.

While all these developments around in the Cardano network, its token’s price stayed put. Furthermore, the token registered a negative 8% seven-day growth. However, a sigh of relief is that ADA’s price grew nearly 2% in the last 24 hours. At the time of writing, ADA was trading at $0.4765 with a market capitalization of $16,289,324,035.

All good for ADA now? 

With less than a week for the Vasil upgrade, several metrics were in favor of ADA, suggesting better days ahead. For instance, the development activity of ADA has been on a constant rise over the last month. This corresponded to all the recent updates.

ADA’s 30 day Market Value Realized Value (MVRV) Ratio also registered an uptick, which might result in a further hike in its price. Moreover, ADA’s social dominance also increased during the last week. This indicated increased interest from investors and crypto enthusiasts in the token. 

Source: Santiment

Nonetheless, according to cryptoquant’s data, ADA’s Relative Strength Index (RSI) and Stochastic were at neutral positions.

Considering all the developments, metrics, and ADA’s recent price action, we can expect to hear better news with the Vasil upgrade round the corner. 

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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.
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