- Cardano outperformed other crypto currencies in development activity
- Its NFT floor prices grew while volume declined
On 2 December, 2022, Santiment Teamchef Cardano [ADA] topped the list of development activity over the last 30 days. ETH, thus, out-performed currencies like Polkadot [PUNKT] an Ethereum [ETH] präissverhalen. This spike in development suggested that there may be more updates and upgrades making their way to the Cardano ecosystem.
👨💻 # Cardano ass Kapp a Schëlleren iwwer all aner #krypt Verméigen op Entwécklung Aktivitéit. Eis #github Tracking Daten filtert Routineupdates wéi #Schlack aktualiséiert.
Fir méi iwwert @santimentfeedd'Methodologie fir d'Entwécklungsaktivitéit ze verfolgen, liest hei: https://t.co/vWQCE4a1nv pic.twitter.com/4KQaCUi1ts
- Santiment (@santimentfeed) Dezember 1, 2022
Weiderliesen Cardano's [ADA] Präisprognose 2022-2023
Besides improvements in development activity, Cardano also witnessed some growth in the NFT space. According to a Jeffrey by Stocktwits NFTs, Multiple Cardano NFT floor prices reached their all-time high over the last few weeks.
Fantastesch Donnéeën an e puer séier Takeways👀
✅ @buch_io de schnellsten bis erop Gewënner huet déi bescht "Normie" / Onboarding Utility
✅ @MallardOrder ass eng vun de haartste Gemeinschaften op ADA ginn
✅ @WildTangz ee vun den aktivsten BuilderHighlight Varietéit an ADA NFTs https://t.co/CdKqM1HP19
— Stocktwits NFTs (@StocktwitsNFTs) Dezember 1, 2022
Not all roses for Cardano
Cardano, despite its growing floor prices, witnessed a decline in NFT volume. According to data provided by oppencnft, Cardano’s NFT volume plummeted by 50.93% and the number of NFTs sold had fallen by 19.35% in the past 30 days.
In terms of DeFi, Cardano’s total value locked (TVL) witnessed an uptick after 22 November. As of 2 December, the Cardano’s TVL was at $58.62 million, and witnessed a decline by 1.37% between 1 and 2 December.
Additionally, Cardano’s dApps continued to witness a decline in activity. Entspriechend zu dappradar’s data, dApps on the Cardano network such as Miniswap and SundaeSwap observed a slump in terms of unique active users. Unique active users for Miniswap dwindled by 20.68% in the last seven days. For SundaeSwap, the number of active users fell by 12% during the same period.
Cardano on other fronts…
Coming to on-chain metrics, Cardano’s volume depreciated immensely over the last month.
Since 2 November, Cardano’s volume fell from 464 million to 204 million in 30 days. Its Market Value to Realized Value (MVRV) long/short difference was in the negative as well.
This implied that short-term holders could exit their positions and still be profitable. However, long-term holders would have to wait out the bear market before seeing any signs of profit.
At the time of writing, ADA was trading at $0.319. Its price decreased by 1.2% in the last 24 hours, according to CoinMarketCap.
Source: https://ambcrypto.com/can-cardanos-development-activity-play-a-key-role-in-adas-survival/