Cardano’s Robust Development Fails to Drive Price Action

Cardano has seen impressive growth across multiple ecosystem metrics in 2022-2023 according to Messari’s latest report, yet ADA prices continue to languish.

In Q2 2023 alone, Cardano’s total value locked (TVL) increased nearly 10% to $151.7 million as its DeFi ecosystem expanded. Stablecoin value rose 34.9% quarter-over-quarter and an astounding 382.1% year-to-date.

Cardano now ranks 21st in terms of TVL, up from 34th at the start of 2022. Its average daily decentralized app (dapp) transactions climbed 49% in Q2, reaching nearly 58,000. The network processed over 1 million transactions on Minswap, its top automated market maker, in both May and June.

Beyond DeFi, Cardano’s NFT sector saw growing real-world use cases, and its sidechain and scaling protocols made significant strides. Milkomeda C1 became the first EVM-compatible sidechain on Cardano.

Yet despite these metrics pointing to an increasingly diverse and active ecosystem, ADA prices paint a different picture. The token has plunged nearly 48% in the last 12 months, including a 26.9% drop since the 2023 ATH amidst broad market declines.

Some supporters are growing impatient given the disparity between Cardano’s development activity and its price trajectory. The network’s rapid growth has yet to manifest in any sustained positive price action.

As Cardano moves closer to Vasil, its next major network upgrade, the community hopes wider utilization will finally ignite a rally. But faith in development translating to gains is undeniably waning. For now, Cardano’s solid ecosystem expansion remains divorced from its lagging token performance.

The price of Cardano (ADA) is $0.290308 today with a 24-hour trading volume of $103,474,656.40. This represents a -1.28% price decline in the last 24 hours and a -1.36% price decline in the past 7 days. With a circulating supply of 35 Billion ADA, Cardano is valued at a market cap of $10,174,301,529.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of


Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

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