Cardano investors appear to be in the “depression” phase of the market cycle, a period marked by pessimism and low sentiment.
However, this could be the ideal time to accumulate $ADA rather than sell. Historically, the most significant opportunities often arise during these down periods, making this a moment where patience could pay off.
#Cardano investors seem deep in the depression phase of the market cycle—but that's often where opportunities lie. Selling now might not be ideal; instead, accumulating $ADA during such pessimism could pay off.
Join me on this trade! Sign up here 👇https://t.co/73n8mW9Y5p! pic.twitter.com/hADWEuWs6L
— Ali (@ali_charts) October 7, 2024
Despite the market mood, Cardano’s development continues to show strong growth. According to data from Input Output (IO), Cardano’s ecosystem is steadily expanding. Here are the key highlights from September 2024:
– As of September 27, there are 1,376 projects currently building on the Cardano blockchain, underscoring its growing utility and ecosystem development.
– The number of delegated wallets increased by 1,000, reflecting continued community engagement.
– Plutus scripts, a critical part of Cardano’s smart contract capabilities, saw significant growth, rising by 13,611 to a total of 88,340.
– The number of token policies increased by 13,064, while the number of minted native tokens surged by an impressive 80,000.
– In terms of network activity, the total number of transactions increased by 1.34 million over the past month, demonstrating healthy network usage.
The Cardano ecosystem keeps growing 🌐.
🔎As of September 27, 2024, IO is aware of 1,376 projects building on Cardano🛠️.
🔎 The number of delegated wallets increased by 1,000.
🔎Plutus scripts grew by 13,611 to a total of 88,340.
🔎The number of token policies increased by… pic.twitter.com/71gIGAPYpW— Input Output (@InputOutputHK) October 7, 2024
There’s Currently 1.42% Of Active Voting Stake In Cardano
Additionally, there is currently 1.42% active voting stake involved in Cardano governance, based on the circulating supply of 37.27 billion ADA. This signals ongoing involvement from the community in the decision-making process.
There is 1.4218307271% Actice Voting Stake involved in Cardano Governance based on current Circulating Supply of 37,275,885,934 ADA. https://t.co/BFnUC0asGn pic.twitter.com/VFCZZOVRyU
— Johnny Kelly ($intertreejk) (@intertreeJK) October 8, 2024
In the face of the current market conditions, these development milestones show that Cardano’s infrastructure is growing stronger. For investors, this could be an opportunity to accumulate $ADA at a low point, positioning themselves for potential gains when the market cycle turns bullish again.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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