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

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.

Saturday look at the NFT markets?

?Cardano Cardano Cardano
?Volume is up 328% from last weekend
?ATH 24 hour volume with 4.4 MILLION ADA
?Top project @the_ape_society floor price is up 67% and 102% on Cabins while doing $515,513 volume in the last 24 hours. pic.twitter.com/811UYhV4kc

— Stocktwits NFTs (@StocktwitsNFTs) October 22, 2022

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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.