Cardano (ADA) retraced toward $0.30 on Wednesday, Aug 2, following volatile fluctuations in the altcoin market. Can Cardano whales prevent a drop below the $0.30 support level amid slowing network traction?  

Cardano witnessed considerable price and network activity spikes in the first half of July. This could be attributed to the exchange re-listings and surge in investor confidence in the aftermath of XRP’s victory against the SEC. 

However, over the past two weeks, Cardano network activity has steadily declined. 

Cardano Network Usage is Currently in Decline 

The intense volatility in ADA prices in the past week can be attributed to the decline in network activity. Evidently, so, Cardano had attracted 77,291 active users on July 10. But since, the Daily Active Addresses (DAA) has declined progressively, hitting 36,920 active users at the close of August 1. 

This represents a 52% decline in network demand which is highly concerning for bullish investors. 

The Daily Active Addresses metric evaluates the blockchain network’s user activity by aggregating the daily number of unique wallet addresses interacting. 

Strategic investors interpret a decline in DAA to mean that a lesser number of mass market users are interested in deploying transactions on the network. 

With the dwindling demand, it’s no surprise that th

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Author: Ibrahim Ajibade

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