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Cardano’s weekly update looks bullish, but will it give relief to short-term holders

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Cardano's weekly update looks bullish, but will it give relief to short-term holders
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  • Cardano developers worked intensively on the projects in the pipeline. 
  • Key metrics remained bullish over the last seven days of press time.

Input Output Global recently released the latest edition of its weekly development report, highlighting the major achievements and updated statistics for the Cardano [ADA] network.

Reportedly, Cardano’s native tokens reached 7.63 million and the total number of transactions reached 59.8 million. Furthermore, the report revealed that 113 projects have been launched on the network. 

How much are 1,10,100 ADAs worth today?

What about developers?

In the weekly development report, IOG mentioned what different teams worked on over the last seven days. For instance, the Plutus team planned their work for the next five sprints, with the main goals of the Plutus core team being finalizing the debugger MVP, increasing script capacity, adding property testing with the Plutus intermediate representation generators, and many more.

Additionally, the ledger team completed some preliminary groundwork in preparation for CIP-1694 (Voltaire).

IOG also announced the date of the SECP upgrade, which will help drive greater interoperability and secure, cross-chain dApp development.

The mainnet upgrade is proposed tentatively for 14 February 2023. While the Hydra team concentrated on the Hydra Head V1 specification, which is currently being reviewed and completed, the Mithril team completed the implementation of the backward/forward compatibility mechanism of their API messages.

Though the developments increased, Cardao went through a short outage last week, which concerned the crypto community. 

Read Cardano’s [ADA] Price Prediction 2023-24

A favorable week for investors?

While the developers were improving the network, ADA continued its bullish rally. As per CoinMarketCap, ADA’s registered over 8% weekly gains, and at the time of writing, it was trading at $0.3912 with a market capitalization of more than $13.5 billion.

Interestingly, ADA remained in demand in the futures market last week as its DyDx funding rate was relatively up. ADA’s MVRV Ratio also increased after registering a decline mid-week.

LunarCrush’s data revealed that ADA’s popularity also increased as its social engagement went north by over 15% last week. However, ADA’s velocity tumbled in the past week, which was not in the blockchain’s favor. 

Source: Santiment

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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