- The number of Cardano wallets increased along with rising development activity.
- TVL witnessed a spike while Cardano’s NFT market took a hit.
The number of Cardano [ADA] wallets has increased by 133,00 over the last month. This spike suggested that there was an increasing demand for ADA in the short term.
JUST IN: Cardano $ADA wallets increased by 133,000 in November.
— Adaverse News | Cardano and Ergo News (@AdaverseNews) December 7, 2022
Read Cardano’s [ADA] Price Prediction 2023-2024
Cardano wallets get heavy
This surging interest could be attributed to Cardano’s increasing efforts toward the network’s development.
In a tweet posted by CardanoDaily on 8 December, it was stated that the number of contributions being made on the platform’s GitHub had grown. Cardano outperformed many other cryptocurrencies in this category.
GITHUB DAILY DEVELOPMENT ACTIVITY
The below chart shows the daily development activity of the dev of each ecosystem on Github. As you can see from the chart, the @Cardano dev team is the most dynamic compared to others.
We are still building!
#cardano #github pic.twitter.com/gePHMF2uwG— Cardano Daily (@cardano_daily) December 8, 2022
Another indicator of Cardano’s performance would be its DEX activity. Miniswap, a popular DEX on Cardano, observed a large uptick in terms of volume last week, spiking by 18.61%, according to data provided by DappRadar. The number of transactions on the DEX also grew by 3.15% in the last 24 hours.
The growing activity on Cardano’s DEXes impacted its TVL as well. From the image below, it can be observed that Cardano’s TVL increased massively after 21 November. At the time of writing, the total value locked by Cardano was $60.62 million after rising by 2.31% in the last 24 hours.
However, the fees collected by Cardano declined by 30% in the past month, according to Token Terminal.
Source: Defi Llama
Moving on to NFTs: Cardano’s NFT volume increased by 26% in the last 24 hours. However, the number of NFTs sold by Cardano dwindled. According to opencnft, the number of NFTs sold on the Cardano network reduced by 12.51%.
NFT market update!
💸 @EvoxCapital taking the top spot from @chikn_nft on AVAX
⚔️ @VeKingsNFT #1 on VET
🔥 @KabilaApp WL NFT doing the most volume on HBAR
🦆 @MallardOrder doing more than 2x the volume of the next project on ADA
💪 @y00tsNFT @DeGodsNFT 1 & 2 on SOL pic.twitter.com/YuLpTiL3s3— Stocktwits NFTs (@StocktwitsNFTs) December 8, 2022
Analyzing other data
This decline in interest affected Cardano‘s NFTs and impacted Cardano’s on-chain activity as well. Its volume fell by a huge margin over the last week. At press time, Cardano’s volume had fallen from 224 million to 142 million in the last seven days.
However, the Binance funding rate for Cardano remained high. Thus, suggesting a bullish outlook for Cardano in the future.
Source: Santiment
At press time, ADA was trading at $0.314. Its market cap dominance decreased by 8.15% in the last month. And it captured 1.24% of the overall crypto market.
Source: https://ambcrypto.com/cardano-wallets-move-northwards-but-what-does-it-mean-for-ada-in-short-term/