Cardano Wallets Move Northwards, But What Does it Mean for ADA in Short Term?

Cardano [ADA] wallets have increased by 133,00 in the last month. This spike indicated that demand for ADA was increasing in the short term.

This surge in interest could be attributed to Cardano’s increased efforts to develop the network.

On the 8th of December, CardanoDaily tweeted that the number of contributions to the platform’s GitHub had increased. Many other cryptocurrencies in this category performed better than Cardano.

Cardano’s DEX activity is another indicator of its performance. Miniswap, a popular Cardano DEX, saw a significant increase in volume last week, increasing by 18.61%, according to DappRadar data. In the last 24 hours, the number of transactions on the DEX increased by 3.15%.

Cardano’s TVL has been impacted by the increased activity on its DEXes. The image below shows that Cardano’s TVL increased dramatically after November 21. Cardano’s total value was $60.62 million at the time of writing, up 2.31% in the previous 24 hours.

According to Token Terminal, Cardano’s fees have dropped by 30% in the last month.

Moving on, Cardano’s NFT volume has increased by 26% in the last 24 hours. Cardano, on the other hand, sold fewer NFTs. The number of NFTs sold on the Cardano network has decreased by 12.51%, according to opencnft.

This drop in interest impacted Cardano’s NFTs as well as Cardano’s on-chain activity. Its volume has dropped dramatically in the last week. Cardano’s volume had dropped from 224 million to 142 million in the previous seven days as of press time.

However, the Cardano funding rate on Binance has remained high. As a result, the future of Cardano appears to be bright.

At the time of publication, ADA was trading at $0.314. Its market cap dominance fell by 8.15% in the previous month. It also accounted for 1.24% of the total cryptocurrency market.