Cardano’s ADA has seen a significant price increase, with over 5 million NFTs being issued

After THE HUGE release, Cardano’s ecosystem gained a lot of interest, with the price breaking through $0.5 resistance. The Cardano ecosystem now has a foundational mechanism for bringing big amounts of money into the network.

The Iagon bridge allows users to move the Ethereum-based USDC stablecoin to the Milkomeda decentralised platform, where they can then withdraw the Cardano Native asset. This development sparked a lot of interest, and…

Here’s what happened:

According to Charles Hoskinson, co-Founder and CEO of IOHK, Cardano’s 24-hour transaction volumes across various blockchains increased on May 29. The 24-hour transaction volume for Cardano was $9.57 billion, according to Messari data. In addition, the transaction volume was second only to Bitcoin’s and higher than Ethereum’s.

In addition, approximately five million native assets were produced in the Cardano NFT zone, which is a good statistic. The quantity of native assets issued on the Cardano blockchain was 5,019,030, according to pool.pm data, with 54,831 different minting policies.

Cardano is one of the few coins that can compete with Bitcoin in terms of distribution and inflation. According to “ADA whale,” a Cardano community-focused Twitter account, Cardano is becoming a scarce asset similar to Bitcoin. Here’s one to see how things are going.

Cardano is now being used in 986 projects, up from 943 in the previous year. On Cardano, a total of 88 projects were launched, bringing the total number of NFT projects to 5,727.

Cardano’s native token painted a similar graphic, which corresponded to these figures. At the time of publication, ADA was up more than 12%, trading above $0.51. According to Messari data, Cardano’s market cap dominance increased as a result of such tailwinds.

Now turn away

Despite these achievements, the ADA on-chain analysis was still lacking. Investors’ interest in the coin is waning, as evidenced by the progressive decline in daily active addresses after January 20, 2022. Whale activity, on the other hand, portrayed a bleak image.

Cardano (ADA) requires a strong overall performance to truly surpass the $1 threshold.

Source: AMBcrypto

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