Crypto News

Cardano has often come under fire from those in the crypto space who have often mocked the apparent ‘lack of growth’ of the network. This has been especially more prominent when it comes to the decentralized finance (DeFi) part of the blockchain, as it continues to remain well behind its counterparts in the sector. However, the talks of Cardano being a ‘dead’ blockchain could not be further from the truth given how much development is being carried out.

One Of The Most Active

The developments that are being carried out on the Cardano network go to show just how much the blockchain is being worked on. It is in the nature of crypto investors to judge blockchains basically based on the hype they get and not the actual development being carried out, which has not been a good trend for the space.

About two weeks ago, Ethereum maximalist Evan Van Ness had taken to Twitter to call Cardano a zombiechain, mocking the low activity on the network. However, the stats are in and Cardano has been shown to be one of the networks with the most development being carried out.

In the report by Coin98 Analytics, Cardano was the 2nd blockchain with the most active developer counts. It ranked only behind Ethereum and was ahead of beloved blockchains in the space. It is ranked ahead of big hitters such as Solana, Polkadot, and Bitcoin.

Ranking of active developer counts:

1. Ethereum2. Cardano3. Polkadot4. Cosmos5. Solana6. Near7. Hedera8. Elrond9. Bitcoin10. Polygon11. Celo12. Algorand13. Avalanche14. Waves15. Optimism16. Mina17. Tron18. Fantom pic.twitter.com/M4dDfFImaG

— Coin98 Analytics (@Coin98Analytics) October 15, 2022

Cardano (ADA) On The Charts

Over the last year, Cardano has been hit worse than some other blockchains in terms of price. It has declined more than 88% from its all-time high price and has not shown the best strength in the bear market so far, but there is still some fight left in the digital asset.

ADA price falls to $0.37 | Source: ADAUSD on TradingView.com

A report from CryptoQuant put the digital asset in an oversold position given its Relative Strength Index (RSI), which means that a recovery may be in the works for the digital asset. But the general market sentiment has not spelled good fortune for the digital asset. There could be more sell-offs to happen with the digital asset in the coming days.

Some indicators have put the price of Cardano below $0.25 before it will mark its market bottom but in the meantime, the digital asset has been able to hold firmly above $0.35, a point that has become critical support for the cryptocurrency.

The active developments on the blockchain paint a bull case for the cryptocurrency. IOG, the developer behind the Cardano network, has confirmed that there are already 102 projects that have been deployed on the blockchain so far, and there are now 6.4 million native tokens spanning more than 63,000 token policies.

Featured image from Analytics Insight, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…