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Cardano’s new impressive developments ft. same old problem

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Source: Unsplash


Different speculations around the Cardano [ADA] Vasil hard fork have been circulating in the crypto space for the last month. Fair to say, the Cardano community has been buzzing with excitement. Nonetheless, ADA’s price failed to showcase the same enthusiasm despite a number of attempts to climb up the price charts.

Different day, the same story 

Cardano, the leading Github development network, saw an influx of developers over the past few months. There are currently more than 1,000 projects being built by developers on the network.

The Vasil hard fork is indeed the top priority. This upgrade would make it much easier for developers to adapt to the Cardano network. It may even attract more developers to the platform, which would further the growth of its entire ecosystem.

Moreover, the number of Plutus-based smart contracts operating on the Cardano ecosystem reached a new milestone of 2,900. In addition to this, the network also saw a few other developments and one on the NFT front.

The Metaverse project Cornucopias officially completed its fifth day of land sales. The sale which spanned over five days has seen the project set the record for the largest land sale on the Cardano network. In total, there were 24,000 Land NFTs put up for sale and each sale saw the lands sold out in a matter of seconds.

Cornucopias is one of the largest play-to-earn projects available on the Cardano network.

Regardless of the uptick on the network’s developmental front, ADA’s price remained consolidated within a range. At press time, ADA circulated around the $0.42 mark with barely any increase.

More to come?

Considering the token’s latest performance, Cardano’s price, at press time, was down 86.53% from its all-time high (ATH), and this has caused the social sentiment toward the eighth market cap asset to drop harder than most.

Here, the sentiment is at its most negative territory in the last six months. Thus, matching its bearish crowd perspective from early January.

Source: Santiment

Well, as the past has been a witness, negative sentiment could give rise to an uptick in the price. The last time the crowd was this negative was in January 2022 when ADA rebounded +24% in five days until sentiment turned positive again. 

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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.