Cardano: With Vasil hardfork only days away, ADA shows no signs of recovery

Cardano [ADA]In his recently published book, Weekly development updatesIt saw some growth in the ecosystem between September 9 and 16. According to the report, 98 projects were launched on the blockchain during the period reviewed. This is a 4% increase over the 94 projects launched on the network The last week.

With a 2% increase between September 9-16, the number of local tokens on Cardano grew to 6.1 million. Since its launch, the total number of transactions completed on the blockchain has reached 50 million, an increase of 1% in the past week.

How are you ADA?

Looking at the period reviewed, the price of ADA fell by 1%, data from CoinMarketCap revealed. The price of the #8 cryptocurrency rose to a high of $0.52 on September 10, after which it was hit.

Since August 20, the ADA has been trading in a narrow range. The lack of significant price movement was due to the general downturn in the cryptocurrency market and the frequent postponement of Vasil’s hard work.

With the update scheduled in five days, one wonders if ADA will react to this important upgrade in the same way as ETH reaction After the merger of Ethereum.

As of press time, with the price up 2.31% in the past 24 hours, ADA is trading at $0.4765.

String analysis

It is known that the number of daily active users is closely related to the price movement of an asset. With no significant price action for the ADA between September 9-16, unique titles slumped in the same period. According to Santiment data, a 15% decrease in daily active ADA addresses was recorded over the seven days.

The seven-day realized market capitalization of the asset (MVRV) revealed that the average holder of the ADA posted losses in the past week.

Source: feeling

Since launch Ecosystem readiness for Vasil . upgrade Confirmation of the history of Vasil’s upgrade, development activity has grown. At 383 at the time of writing, data from Santiment has shown a 2% rise in this metric since then.

Source: feeling

In preparation for the hard fork, key ADA stakeholders have been accumulating coins over the past three months. The number of addresses with between 10,000 and 100,000 ADA coins has increased by 7% in the last 90 days.

In addition, the ADA Address Index with 100,000-1,000,000 ADA coins rose 2% over the same period.

Source: feeling

But the larger whales with 1,000,000 and more ADA looked tired from the low-cost movement. Therefore, they gradually reduced their holdings of ADA.

Source: feeling

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