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Cardano (ADA), thanks to developments around the blockchain, has been the center of attention for a while. Cardano also recently published the latest weekly development report, highlighting developers’ efforts to improve the network.
Development Activity on Cardano
In recent days, it was reported that Cardano’s development activities outperformed others. Significant development progress has been made on Cardano in the past few weeks, and the trend continued this week. According to data from Santiment, ADA’s development activity has increased significantly. Moreover, the number of contributors to development activities also showed an increase last week. The reason for this metric’s rise was revealed in Cardano’s latest weekly development report. According to the report, the scaling team improved action workflows and addressed protocol consistency.
On the one hand, the Cardano team continued to work on Conway era functionality through restructuring to increase security. In addition, Cardano’s development report mentioned updated statistics for the blockchain. The total number of native tokens on Cardano reached 9.45 million, while the blockchain’s total transaction count surpassed 83 million. Additionally, the total number of projects initiated on Cardano reached 157.
ADA’s On-Chain Data
Although the development work around the blockchain remained at the same level, the price movement of the native token remained under the influence of bears. According to CoinMarketCap, ADA experienced a decline of more than 5% over the last seven days. At the time of writing, ADA was trading at $0.5166 with a market value of over $18.2 billion, making it the eighth-largest cryptocurrency.
Due to the price drop, ADA’s MVRV ratio also showed a decline last week. As can be understood from the decreased market sentiment, a bearish trend dominated around the token. While Cardano stands out with increasing blockchain developments and security measures, the token price experienced a decline of more than 5% in recent weeks, indicating the continuation of bearish influence and a decrease in market value.
