Journalist
Posted:
- Cardano’s recent activity hinted at potential positive performance for the network.
- Challenges emerged in Cardano’s NFT space, affecting diversity and appeal.
Cardano [ADA], over the past month, has battled with both bullish and bearish sentiment, causing the price of ADA to fluctuate frequently.
A spike in activity
However, recent activity on the network could help ADA see green more consistently. According to data, the Cardano network executed 81,000 transactions successfully within the past 24 hours.
JUST IN: Cardano $ADA network successfully completed 81,000 transactions in the last 24 hours.
— Adaverse News | Cardano and Ergo News (@AdaverseNews) February 11, 2024
The number of daily active addresses on the network also witnessed growth.
The heightened activity signals a growing adoption of the Cardano blockchain, which could attract more users, investors, and developers.
Moreover, the positive market sentiment generated by higher activity levels may lead to a more stable and potentially upward trajectory for ADA’s price.
Source: Artemis
State of DeFi
A significant portion of the heightened activity on the Cardano network can be attributed to the decentralized exchanges (DEXes) operating within the Cardano ecosystem.
Notably, the Cardano DEX Spectrum recently achieved a milestone, with its daily trading volume surpassing 1.04 million ADA.
This surge in activity within the decentralized exchange space underscores the growing utilization of Cardano’s blockchain for decentralized finance (DeFi).
JUST IN: Cardano $ADA DEX Spectrum $SPF daily volume surpasses 1.04 million ADA.
— Adaverse News | Cardano and Ergo News (@AdaverseNews) February 11, 2024
Following these developments, there was a notable increase in Cardano’s Total Value Locked (TVL).
The surge in TVL is indicative of the growing amount of assets and liquidity being staked or utilized within the Cardano ecosystem, highlighting further participation in Cardano’s DeFi network.
Source: Artemis
Troubles ahead
Even though developments were being made in the DeFi department, the same couldn’t be said for Cardano’s NFT space.
Over the last week, the sales volume for NFTs on the Cardano network had fallen by 16.30%. Coupled with that, the number of buyers of Cardano NFTs declined by 83.58%.
Reduced interest in Cardano NFTs may indicate waning enthusiasm from both creators and collectors, potentially limiting the diversity and appeal of the NFT marketplace on the Cardano blockchain.
This decline in activity might also impact the revenue and exposure of artists and developers utilizing the platform for NFT creation and sales.
Source: Crypto Slam
How much are 1,10,100 ADAs worth today?
Regarding price dynamics, ADA didn’t perform well in the last 24 hours, experiencing a 3.64% decline. The trading volume decreased from 1.2 billion to 365 million in recent weeks.
However, looking at a broader one-month timeline, Cardano’s price movement appeared positive.
Source: Santiment