Cardano [ADA], the world’s eighth-largest blockchain, has received a lot of interest from developers. According to GitHub data, Cardano had the highest level of daily developer engagement in 2021. The year 2022 offered a similar image, with development activities dominating. However, the price of ADA did not completely reflect the same scenario.
The prolonged bear market has had a direct impact on the majority of tokens in the crypto family. However, when it comes to losses, Cardano’s native token appears to be the top selection.
Cardano just had the lowest number of unique addresses communicating on its network in a year. Furthermore, as seen in the tweet below, sentiment on social media sites has dropped to a four-month low.
Despite the hype around the Vasil Hardfork, ADA was unable to record any gains. In terms of both price and on-chain indicators.
Vasil is the most recent planned update to the Cardano network. The hard fork upgrade significantly improves the performance of a network that is already at the top of the market. The hard fork’s three primary ideas are expressly geared to help developers, giving them various new ways to create dApps and smart contracts faster and more efficiently.
In terms of price activity, ADA fell below the R8,06 level, suffering a new 4% fall. Despite the hoopla, volumes have been rather low. Accumulation has been minimal recently.
Furthermore, the Cardano supply owned by whales measure shows large withdrawals in the recent 24 hours. As a result, the price failed to acquire enough upside.
Cardano, sadly, has been following this path for quite some time. Even though the network experienced an increase in development, prices did not follow suit. This could imply that Cardano is now waiting for the entire cryptocurrency market to surge. Only then may ADA see a much-needed boost.
Until then, the ADA and its supporters may have to wait and reminisce about the good old days.