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