Could Cardano’s development activity play a major role in ADA’s survival?

  • Cardano has surpassed other cryptocurrencies in development activity
  • Its NFT floor prices grew while volume decreased

On December 2, 2022, feelings revealed that Cardano [ADA] Tops the list of development activities in the last 30 days. Thus ETH has outperformed coins like Polkadot [DOT] and Ethereum [ETH]. This spike in development hinted that there may be more updates and upgrades on the way to the Cardano ecosystem.

Read Cardanos [ADA] predict the price 2022-2023

In addition to improvements in development activity, Cardano has also seen some growth in the NFT space. according to tweet past Stocktwits NFTs, multiple Cardano NFT floor prices have reached an all-time high in recent weeks.

Not all roses are for Cardano

Cardano, despite its floor price hike, has seen a decline in NFT volume. According to information from conquestAnd the Cardano’s NFT volume is down 50.93% and the number of NFTs sold is down 19.35% in the last 30 days.

Source: opencnft

As for DeFi, Cardano’s Total Value Locked (TVL) saw a slight uptick after November 22. As of December 2nd, Cardano’s TVL was $58.62M and saw a 1.37% decrease between December 1st and 2nd.

Additionally, Cardano dApps continued to see a dip in activity. according to DappRadars, dApps on the Cardano network such as Swap small sundaes You notice a decrease in the number of unique active users. Miniswap’s unique active users have decreased by 20.68% in the past seven days. For SundaeSwap, the number of active users decreased by 12% over the same period.

Source: Defillama

Cardano on other fronts…

In terms of on-chain metrics, Cardano’s volume has decreased significantly over the past month.

Since November 2, Cardano’s volume has fallen from 464 million to 204 million in 30 days. Its market value to realized value (MVRV) long/short spread was also negative.

This means that short holders can exit their positions and continue to make profits. However, holders of long stocks will have to wait until the end of the bear market before seeing any signs of profit.

Source: feeling

At the time of writing, ADA was trading at $0.319. Its price has fallen by 1.2% in the past 24 hours, according to CoinMarketCap.

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