Cardano Network Continue to Exhibit Consistent On-Chain Growth Despite the Market’s Ups and Downs
In July, the Cardano network displayed steady growth, with transactions increasing to 94.6 million. Smart contract-related transactions comprised 37%, simple transactions made up 38%, and 25% consisted of metadata without smart contracts.
Key metrics showed improvements, with Plutus scripts rising by 1.88% to 6,659, native tokens expanding by 1% to 10.2 million, and the number of policies increasing by 7.6% to 150,477. Cardano wallets climbed by 0.71% to 4.84 million, and delegated wallets inched up by 0.02% to 1.35 million.
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Price Action and Market Performance
However, ADA’s price decreased by 1.02% in July, reflecting the broader crypto market trends impacted by macroeconomic factors. ADA reached a peak of $0.456 but was unable to sustain the momentum due to market volatility.
Moving into August, the crypto market experienced a bearish trend, with widespread declines across various assets. ADA dropped 18% before partially recovering, remaining down 9.32% over the previous 24 hours, trading at $0.316, and down 23.13% for the week.
Final Thought
In summary, Cardano’s on-chain growth in July indicates robust development and community engagement, despite the adverse price actions influenced by external market pressures. Amidst volatility in the crypto market, platforms like Cardano may provide a resilient foundation for future advancements.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
