Earlier this week, AMBCrypto reported that Cardano [ADA] had seen an increase in daily active wallets.
While this was positive for the network, the token noted a 9.88% loss over this time frame, according to CoinMarketCap.
Interest in Cardano’s meme coins could also spur demand for the ADA token. However, the current market retracement has slowed down the meme coin sector as well.
Regardless, investors have good reason to maintain faith in ADA. Its price action and on-chain metrics showed a long-term bullish outlook.
The losses it could see in the next couple of weeks would likely present investors with a buying opportunity.
Advancements in the ADA ecosystem
Besides price changes, Cardano’s ecosystem experienced significant advancements, especially once Mithril was upgraded.
The network has continuously run without any problems since its mainnet debut in June, thanks to the increasing participation of committed Stake Pool Operators.
Mithril’s constructive expansion of the Cardano ecosystem has the potential to improve the network’s usability and general appeal.
More than just a digital currency
ADA is more than just a digital currency; it is a testimonial to the secure exchange of value, removing the need for middlemen.
Every ADA owner becomes a stakeholder, contributing to the Cardano ecosystem in a multitude of ways.
The initial ADA supply was limited to 45 billion units, with a one-of-a-kind distribution technique.
The Cardano Foundation, EMURGO, and IOHK are critical components of the Cardano ecosystem, and they were
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Author: Akashnath S
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