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Cardano wallets move northwards, but what does it mean for ADA in short term?

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Cardano wallets move northwards, but what does it mean for ADA in short term?
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  • The number of Cardano wallets increased along with rising development activity.
  • TVL witnessed a spike while Cardano’s NFT market took a hit.

The number of Cardano [ADA] wallets has increased by 133,00 over the last month. This spike suggested that there was an increasing demand for ADA in the short term.

       Read Cardano’s [ADA] Price Prediction 2023-2024

Cardano wallets get heavy

This surging interest could be attributed to Cardano’s increasing efforts toward the network’s development.

In a tweet posted by CardanoDaily on 8 December, it was stated that the number of contributions being made on the platform’s GitHub had grown. Cardano outperformed many other cryptocurrencies in this category.

 

Another indicator of Cardano’s performance would be its DEX activity. Miniswap, a popular DEX on Cardano, observed a large uptick in terms of volume last week, spiking by 18.61%, according to data provided by DappRadar. The number of transactions on the DEX also grew by 3.15% in the last 24 hours.

The growing activity on Cardano’s DEXes impacted its TVL as well. From the image below, it can be observed that Cardano’s TVL increased massively after 21 November. At the time of writing, the total value locked by Cardano was $60.62 million after rising by 2.31% in the last 24 hours.

However, the fees collected by Cardano declined by 30% in the past month, according to Token Terminal.

Source: Defi Llama

Moving on to NFTs: Cardano’s NFT volume increased by 26% in the last 24 hours. However, the number of NFTs sold by Cardano dwindled. According to opencnft, the number of NFTs sold on the Cardano network reduced by 12.51%.

Analyzing other data

This decline in interest affected Cardano‘s NFTs and impacted Cardano’s on-chain activity as well. Its volume fell by a huge margin over the last week. At press time, Cardano’s volume had fallen from 224 million to 142 million in the last seven days.

However, the Binance funding rate for Cardano remained high. Thus, suggesting a bullish outlook for Cardano in the future.

Source: Santiment

At press time, ADA was trading at $0.314. Its market cap dominance decreased by 8.15% in the last month. And it captured 1.24% of the overall crypto market. 

 

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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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