Cardano’s recent developments and bullish momentum are all the rage on social media. In it, supporters have been massively emphasizing their credibility for the project. When ADA reached its ATH for a short period, it stood among one of the top four cryptocurrencies. After that, however, the market correction pushed ADA back to sixth place.
Source: Coinstats
However, some critics focus on Cardano’s failure to meet set goals. Many referred to Cardano as the “spirit of blockchains” or ghost chains.
Call in the ‘Ghostbusters’
Cardano’s ecosystem has witnessed some unprecedented levels of development within its ecosystem. From the launch of the Iagon bridge to minting over five million NFTs, and many more. Fair to say, Cardano enjoyed a great start to the week, currently +28% in the past 24 hours. Also, the “development activity has hit AllTimeHigh levels, as $ADA‘s team worked on innovating” regardless of the price.
Here’s a graphical representation of a scenario where Cardano’s development activity hit ATH. This happened regardless of the fact that a huge loss (Net realized loss) appeared on the network.
Source: Santiment
Developers working on the network continued their work despite the suppressed price actions. This has been the case for the #6 largest crypto ecosystem for years now.
In addition, the activity contributors count (Github) of the network saw a massive uptick as well.
Source: Santiment
Even the price witnessed the same optimism; it surged above the $0.65 mark. Kudos to the 26% massive increase in the last 24 hours. Another factor could be the rising anticipation of the upcoming Vasil hardfork. As for the hotly-anticipated fork, it is planned to go live on the public testnet on 2 June and on the mainnet on 29 June.
Average transaction size on Cardano across all transaction types is currently 3206 bytes. We expect this number to significantly drop after Vasil hard fork event on 29th June. Now the drop may not be immediate, dApp developers will have modify code so that average tx size sinks. pic.twitter.com/7f7eOszdQf
— Cardano Blockchain Insights (@InsightsCardano) May 30, 2022
Furthermore, currently, there are 2,978 active pools on the network, as per data from PoolTool.
Something lacking?
There’s always a possibility of a potential correction given the nature of the crypto market. This is no different. ADA’s volume metric on Santiment hasn’t quite changed positions. If the bulls fail to bring enough demand backed by volume, the token might roll down. Maybe all the way down to its nest.
