Cardano: With Vasil Laborious Fork Simply Days Away, ADA Reveals No Indicators Of Restoration – AMBCrypto Information

Cardano [ADA]in its newly published weekly development updatessaw some ecosystem growth between September 9th and 16th. According to the report, 98 projects were launched on the blockchain during the reporting period. This represented a 4% increase over the 94 projects launched in the network Last week.

With a 2% increase between September 9th and September 16th, the number of native tokens on Cardano grew to 6.1 million. Additionally, since its inception, the total number of transactions completed on the blockchain has reached 50 million, up 1% over the past week.

How are you ADA?

Considering the period under review, the price of ADA declined 1%, data from CoinMarketCap showed. The price of the eighth-largest cryptocurrency had surged to a high of $0.52 on Sept. 10, after which it was beaten.

ADA has been trading in a narrow range since August 20th. The lack of significant price action was due to the decline in the general cryptocurrency market and the frequent relocation of the Vasil hard fork.

With the upgrade scheduled to take place in five days, one might wonder if ADA would react to this important upgrade in the same way as ETH reacted after the Ethereum merger.

VASIL UPGRADE: DATE CONFIRMED 💪
After the successful completion and extensive testing of all core components as well as the confirmed community readiness, we can today announce September 22nd for the #Vasil upgrade in the #Cardano mainnet together with the @cardanostiftung. 🧵$ADA
1/9

— Input Output (@InputOutputHK) September 2, 2022

At press time, ADA was exchanging hands at $0.4765 with the price rallying 2.31% over the past 24 hours.

On-Chain Analysis

It is known that the number of daily active users is highly correlated with an asset’s price movement. Since there was no significant ADA price action between September 9th and 16th, unique addresses fell in the same period. According to data from Santiment, there was a 15% drop in daily active ADA addresses over the seven days.

The asset’s 7-day Market Value Realized Value (MVRV) showed that the average holder of ADA saw losses over the past week.

Source: Santiment

Since the publication of the Ecosystem readiness for Vasil upgrade Confirmation of the Vasil upgrade date, development activity has increased. At 383 at press time, Santiment’s data showed a 2% increase in that metric since then.

Source: Santiment

In preparation for the hard fork, key stakeholders holding ADA have increased coin accumulation over the past three months. The number of addresses with 10,000 to 100,000 ADA coins has increased by 7% in the last 90 days.

The index for ADA addresses with 100,000 to 1,000,000 ADA coins is also up 2% over the same period.

Source: Santiment

However, the larger whales, holding 1,000,000+ ADA, seemed to have grown weary of the low price action. Hence, they have gradually reduced their ADA holdings.

Source: Santiment


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