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Cardano’s ADA sees a major price surge, minting over 5 million NFTs but…

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Cardano‘s ecosystem has witnessed some significant traction as the price broke through $0.5 resistance after THE big release. The Cardano ecosystem acquired a fundamental solution that would help bring large quantities of funds to the network.

Iagon bridge allows sending the Ethereum-based USDC stablecoin to the Milkomeda decentralized platform and then withdrawing the Cardano Native asset. This development indeed created the buzz, and…

…here’s the outcome 

On 29 May, Cardano’s 24-hour transaction volumes across major blockchains shot up as highlighted by Charles Hoskinson, co-Founder and CEO of IOHK. Based on data by Messari — the 24-hour transaction volume for Cardano was recorded at $9.57 billion. Furthermore, the transaction volume stood second only to that of Bitcoin and higher than that of Ethereum.

In addition, Cardano witnessed a promising stats in the NFT zone as over five million native assets got minted. According to pool.pm data, the number of native assets issued on the Cardano blockchain recorded 5,019,030, with 54,831 distinct minting policies.

Cardano remains one of the few coins that comes close to Bitcoin’s distribution and inflation. Well, at least that is what “ADA whale,” a Cardano community-focused Twitter account asserted i.e. Cardano is becoming a scarce asset like Bitcoin. Here’s one for a status check.

Around 986 projects are building on Cardano, which is up from the previous number of 943. A total of 88 projects were launched on Cardano, while the number of NFT projects rose to 5,727.

Aligning with these stats, Cardano’s native token showcased a similar picture. At press time, ADA surged by more than 12% as it traded above the $0.51 mark. Even, Cardano’s market cap dominance shot up following such tailwinds as per data on Messari.

Source: Messari

Look away now 

Despite recording such performances, the ADA on-chain analysis still remained weak. The gradual fall of daily active addresses post 20 January 2022 hints at investors losing interest in the coin. Whale activity, too painted a grim picture.

Overall, Cardano (ADA) needs an all-round performance to really surpass the $1 mark.

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Shubham is a full-time journalist/ Crypto data analyst at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on the cryptocurrency sector with particular emphasis on market research studies and communications for >2 years. Also, a die-hard Chelsea fan #KTBFFH.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.