Cardano (ADA) has failed to take advantage of a significant network milestone it recently achieved as the digital asset continues to struggle in pushing its price to higher levels.
At the time of this writing, the cryptocurrency was changing hands at $0.3060 and has gone down by almost 3% during the last 24 hours according to data from Coingecko.
This comes as a surprise as the project’s blockchain is in the midst of celebrating the accomplishment of having more than 7 million native assets that have been created on it.
Basing from the information shared by pool.pm, by leveraging 65,652 varying minting policies, the Cardano network is now home to 7,055,456 native tokens.
What makes this achievement extra special is the fact is that just last September the blockchain hit the 6 million count.
Nonetheless, ADA seems to have ignored this development as it hasn’t responded positively in terms of spot trading price and market capitalization.
Smart Contracts In Cardano Network Continue To Grow
From a 2022 opening tally of 2,844 smart contracts, there are now 3,791 SCs running on Cardano’s Plutus platform, representing an increase of 300%.
This comes at a time when the network is working on an additional development that mainly focuses on improving the smart contract functionality of the blockchain.
Particularly, the team responsible for this network activity is paying attention to increasing script capacity and the Plutus Debugger MVP for the full implementation of the Babbage support.
Back in September 2022, when the Vasil hard fork upgrade was launched by Cardano in hopes of increasing the scalability of the DeFi network, there was a significant increase in smart contracts running on the blockchain.
Elsewhere, the project is also witnessing impressive growth in terms of on-chain activity as evidenced by the daily address activity which has jumped over 90% at the time of this writing.
Moreover, the number of delegated wallet addresses for Cardano has now reached 1.23 million, although some experts believe that this surge might have been instigated by the massive sell-off prompted by the collapse of the FTX crypto exchange.
December Not Looking Good For ADA?
According to Coincodex, over the next five days, ADA will post a slight increase in its trading price which the online crypto info aggregator predicts to be at $0.3065.
That however, will be followed by a more bearish forecast which sees the asset experiencing severe price dump towards the end of the year.
By using its technical indicators and historical price movements, Coincodex was able to arrive at the prediction that 30 days from now, the altcoin will fall all the way down to $0.2742.
Still, just like its fellow crypto assets, Cardano is subject to high volatility levels which means that in just a matter of a blink on an eye, it can surpass all predictions made related to its price trajectory.
ADA total market cap at $10.7 billion on the daily chart | Featured image from Latest Finance News, Chart: TradingView.com
