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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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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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