- Activity and transactions on the Cardano network remain high despite market uncertainty
- Blue chip NFTs didn’t grow, but tokens on Cardano’s network soared
Despite the volatility seen in the crypto sector in recent days, Cardano’s [ADA] network has seen consistency across its ecosystem.
Cardano ecosystem records growth
Over the course of the past year, Cardano has achieved a number of important milestones. In fact, data suggests that the Cardano network processed as many as 24 million transactions, demonstrating high activity on its ecosystem. In addition, Cardano witnessed the launch of 40 projects within its ecosystem, demonstrating growing adoption and development activity.
Additionally, as many as 33,000 smart contracts were deployed on the Cardano network, highlighting its capabilities in facilitating decentralized applications on the platform.
Source:
A look at the NFT sector
Another indicator of the health of the Cardano ecosystem is the rising popularity of Cardano’s NFT space. In fact, Cardano’s NFT trading volume surpassed 7 million ADA over the past 30 days.
However, despite rising NFT volume in the Cardano ecosystem, the top NFT collections recorded a decline in their rock bottom prices. Blue chip collections such as Ape Society, Book.io and Clay Nation recorded significant declines over the past month.
Earthnode was one of the few NFT collections to see a price floor increase during this period. The Earthnode NFT collection and some other niche NFT collections on the Cardano network may have contributed the most to the popularity of the NFT sector in recent days.
Source: Tap Tools
Another reason for the increasing activity on the Cardano network would be the popularity of tokens on the Cardano network. Unlike other networks, Cardano’s rising activity wasn’t driven solely by memecoins. Tokens related to AI, Telecom, Cloud Services and Lending all saw growth in the past month.
SNEK, one of the most popular memecoins on the Cardano network, even dropped in price and performed poorly compared to other tokens.
WMT gained the most in the past month and witnessed a price increase of 72.67%. WMT (World Mobile Token) is the native cryptocurrency of the World Mobile network. It serves as a utility token that enables transactions and interactions within the network.
Read Cardanos [ADA] Price forecast 2024-25
Source: Tap Tools
In turn, ADA itself could not see green on the charts. Over the past week, ADA’s value fell 11.61%, with the altcoin trading at $0.5802 at the time of writing.
Source: Santiment