Cardano holders will go to the gaga to know that despite its 85% drop…
Cardano may have lost investor confidence over time. But it has not lost its popularity thanks to its huge potential and roadmap for development.
Combined with the efforts of the Cardano development team, the blockchain is gaining an audience in the space it intends to dominate.
According to a recent report from CryptoCompare, Cardano developer activity has been on the upswing for nearly six months now.
Github’s commitments on the blockchain also increased from 5400 to 6200 in this date range.
However, the opposite of this growth was observed at the level of investors. As of November 2021, the monthly fee recorded on Cardano has begun to drop. At the time of writing, it is 75.4% lower than its previous level.
Eight months ago, the network was generating $1.62 million in said fees. However, in the past month, despite a 16% increase, the total fee generated was only $0.43 million.
This highlights the low usage by investors. Well, this drop was bound to happen since ADA as an asset was in a disappointing streak.
Trading at $0.455, at the time of writing, ADA is down 85.57% from its all-time high. Hence, failure to gain support from the market.
Cardano had already lost the support of the 200-day simple moving average (SMA) months ago. Now, over the past two months, it has even lost its 100 day simple moving average and 50 day simple moving average.
Moreover, Cardano will need investor confidence to navigate downward headwinds. But investors have not been satisfied with the performance of the ADA for some time now.
This is because, of all the major cryptocurrencies, ADA has been the worst performing asset in the past 12 months. The return on investment (ROI) for Bitcoin, Ethereum, and XRP was negative at 38%, 44%, and 48%.
Cardano, on the other hand, is sitting at -65.4%, which makes it clear why it isn’t going as much as the others.
With Vasil’s hard fork scheduled to go live on the main network later this month, Cardano still has a chance to get back what he lost, provided Vasil actually brings a change.