The continuing plunge in the general crypto market fairly began back in July where the worldwide crypto market cap initially fell to $2.5 trillion from $2.7 trillion earlier in May. Nonetheless, despite this downturn recorded in July, Cardano (ADA), the ninth largest crypto by market cap appears to have defied this bearish trend.
Particularly, in response to the Cardano foundation, the blockchain stands out in July for its notable increase in on-chain activity, despite broader market setbacks. The information provided by the Foundation reveals that the network isn’t only sustaining but additionally constructing momentum, an indication of resilience and growing user engagement.
Cardano July Growth
Regarding the network’s health, statistics revealed by the muse show that Cardano saw a modest yet worthy increase in transactions to 94.6 million, up by 1.62% from the previous month.
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This uptick is dissected into varied transaction types, showcasing a various usage of the blockchain. Amongst these, 37% were smart contracts, reflecting the network’s strong capabilities beyond easy transactions, which accounted for 38%.
Moreover, 25% involved metadata without smart contracts, highlighting the blockchain’s adaptability and the big selection of applications it supports.
The inspiration’s data also detailed growth in several other key areas of the Cardano network, underlining the technological advancement and deepening user involvement.
Plutus scripts, that are essential for running smart contracts on Cardano, saw an increase of 1.88%, totalling 6,659. This increase is a direct reflection of the growing developer activity and the deployment of more complex applications on the platform.
Furthermore, the ecosystem saw a growth in native tokens, up by 1% to 10.2 million, and a good more significant rise in policies, which surged 7.6% to succeed in 150,477.
Cardano on-chain statistics. | Source: Cardano Foundation on X
Wallet statistics also paint an image of broadening participation inside the Cardano community. The full variety of Cardano wallets increased by 0.71% to 4.84 million, with delegated wallets barely up by 0.02% to 1.35 million.
This marginal growth in delegated wallets suggests a stable interest in staking and governance participation amongst ADA holders.
ADA Current Market Performance
No matter this notable growth in Cardano’s on-chain activities last month, the blockchain’s native token ADA has joined in on the worldwide crypto market downturn. Over the past 24 hours alone, ADA has recorded a roughly 7.1% decrease in its value.
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This decline has brought the asset to currently trade at a price of $0.3202, on the time of writing—a slight increase from the worth tag of $0.2789 seen earlier today.
ADA price is moving downwards on the 1-hour chart. Source: ADA/USDT on TradingView.com
Interesting, despite this plunge, ADA’s 24-hour trading volume has surge significantly from below $400,000 as of yesterday to roughly above $1.250 million as on the time of writing.
Featured image created with DALL-E, Chart from TradingView