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Trying to capitalize on Cardano’s growth? Read this before making a decision

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Cardano [ADA] witnessed significant selling pressure after the Vasil Hardfork. However, the platform may find some hope in the coming quarter due to some movements on the NFT front. According to a latest development, Cardano climbed up to rank 3 in terms of NFT volume.

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Here’s AMBCrypto’s Price Prediction for Cardano [ADA] for 2022-2023

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About a new exclusive society

According to Stockwits NFTs, Cardano’s NFT trading volume grew by an astounding 328% since last week. Cardano’s massive growth in this space could be attributed to the The Ape Society project. This NFT collection witnessed a huge surge of 67% in its floor price and accounted for $515,000 in terms of volume.

But it wasn’t just the The Ape Society project that witnessed a surge. Cardano‘s top 10 projects alaos witnessed some positivity over the last 24 hours. The overall NFT trades made on the Cardano network increased by 104.32% in the last seven days. Furthermore, the total number of sales made grew by 100% according to data from opencnft.

These numbers indicated a general positive trend that the Cardano NFT market witnessed in the past week. 

Source: Stockwits NFT

Another positive for Cardano was the surge in revenue that was generated by the network. According to token terminal, a crypto analytics platform, the revenue generated on the network grew by 11.2% in the last seven days. However, its market cap continued to decline.

Source: Token Terminal

A quick look at the numbers

Cardano’s development activity also witnessed a spike in the last few days as well. This indicated that the contributions made on Cardano’s GitHub had increased. The increase could also be an implication of further updates and upgrades in the coming future.

Despite Cardano’s uptick in its development activity, there was a decline observed in its volume. In the past few days, Cardano’s volume fell from 611 million to 385 million.

However, Cardano’s velocity during the same duration fell immensely. This indicated that the average frequency by which ADA was being transferred had reduced dramatically. This factor coupled with the declining volume could paint a bearish picture for Cardano’s short-term future.

 

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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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