- Cardano user activity is declining.
- ADA has increased its selling pressure.
Cardano’s [ADA] According to the report, daily network fees are at a record low for the year to date (YTD), as users’ activity on Layer 1 blockchain (L1) decreases. Artemis’ data.
Cardano’s users paid a total of $9,000 in transaction fees as of the fifteenth of April. The fee amount has dropped by over 90% from $17,000 on January 1st.
Artemis data showed Cardano transaction fees reached a peak of $24,000 per day on March 11th and then began to trend downward.
Cardano’s daily transaction fee has declined due to a decrease in the number of users on the network.
Data from the on-chain showed that, as of the 6th March 2018, the number of wallet addresses interfacing with Cardano had reached its highest YTD level of 71300. This was followed by a downward trend.
Cardano s’active daily addresses count fell by 47% from 38,000 to just under 38,000 at the end of April.
Cardano’s daily transactions also decreased as the number of active daily addresses dropped. Artemis reports that this number has decreased 47% over the past month.
Ecosystems such as DeFi and NFT suffer
Cardano has seen a decline in its user base in recent weeks, which is affecting the non-fungible (NFT) token and decentralized (DeFi). ecosystems.
The Data of DefiLlama The total value (TVL), across all DeFi protocols, housed in Cardano, has dropped to its lowest level for three months. As of press time, the value was $306 million.
TVL, the TVL of this network, reached an YTD maximum of $456.8 million dollars on 15th march. Since then it has dropped by 33%.
Cardano’s NFT industry has also seen a decline.
The Persistence of the People CryptoSlamIn the past month, NFT network sales volumes have plummeted by 39%, while the number of NFT transaction completed has dropped by 46%.
Low Demand for ADA
The native coin of the network, ADA has also been affected by this decline. The coin, which is currently trading at $0.45 has seen a 21% drop in price over the past seven days.
On a chart of the altcoin, key indicators for momentum were observed. They showed a steep decline. As of press time, the Relative Strength Index was 29,51. This indicates that it is oversold.
You can read more about it here Cardano’s [ADA] Price Prediction 2024-25
Similarly, the Money Flow Index trended down at 41.94.
These indicators show that coin sales outpace coin accumulation.
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Source: ambcrypto.com