Cardano portfolios are trending north, but what does this mean for ADA in the short term?

  • The number of Cardano wallets has increased at the same time as development activity has increased.
  • TVL has been on the rise while Cardano’s NFT market has seen a huge success.

Cardano number [ADA] Portfolios increased by 133.00 in the last month. This peak indicates that there is an increased demand for ADA in the near term.

Read Cardanos [ADA] predict the price 2023-2024

Cardano wallets are getting heavy

This increased interest can be attributed to Cardano’s increasing efforts towards developing the network.

In a tweet posted by CardanoDaily on December 8, it was noted that the number of contributions submitted on GitHub to the platform had increased. Cardano has outperformed many other cryptocurrencies in this category.

Another indicator of Cardano’s performance is the activity of the DEX. Miniswap, a popular DEX on Cardano, saw a significant increase in volume last week, up 18.61%, according to data from DappRadar. The number of deals on the DME also increased by 3.15% over the past 24 hours.

The increased activity in Cardano’s DEXs has also affected TVL. From the image below, it can be seen that Cardano’s TVL increased sharply after November 21st. At the time of writing, the total value closed by Cardano is $60.62 million after rising by 2.31% in the past 24 hours.

However, fees collected by Cardano have fallen by 30% in the past month, according to token terminal.

Source: Devi Lama

Moving on to NFTs: Cardano’s NFT volume is up 26% last time 24 hours. However, the number of NFTs sold by Cardano decreased. according to conquestThe number of NFTs sold on the Cardano network decreased by 12.51%.

Other data analysis

This drop in interest affected Cardano’s NFTs and also affected Cardano’s chain activity. Trading volume decreased by a large margin in the past week. At press time, Cardano’s volume has dropped from 224 million to 142 million over the past seven days.

However, Binance’s funding rate for Cardano remained high. Which indicates a bullish outlook for Cardano in the future.

Source: feeling

At press time, ADA is trading at $0.314. Its market capitalization dominance decreased by 8.15% in the past month. It captured 1.24% of the total cryptocurrency market.

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