{"id":31457,"date":"2022-10-09T06:01:59","date_gmt":"2022-10-09T06:01:59","guid":{"rendered":"http:\/\/egrowonline.com\/?p=31457"},"modified":"2022-10-09T06:01:59","modified_gmt":"2022-10-09T06:01:59","slug":"cardano-decoding-the-nft-defi-factor-in-adas-journey","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=31457","title":{"rendered":"Cardano: Decoding the NFT, DeFi factor in ADA’s journey"},"content":{"rendered":"


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Cardano [ADA]<\/span><\/a> was one of the few cryptocurrencies that were extremely affected by the bear market of Q2 and Q3. In fact, the price of ADA has witnessed a massive <\/span>depreciation over the past month<\/span><\/a>. Furthermore, despite the market\u2019s bearish conditions, <\/span>Cardano\u2019s<\/span><\/a> team has been trying to garner interest from <\/span>the NFT communities<\/span><\/a>.\u00a0<\/span><\/p>\n

However, <\/span>Cardano\u2019s<\/span><\/a> efforts didn\u2019t bear any fruit as the blockchain couldn\u2019t generate much in terms of NFT sales.<\/span><\/p>\n

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Here\u2019s AMBCrypto\u2019s<\/span> Price Prediction for Cardano <\/span><\/a>for 2022-2023<\/span><\/p>\n

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\u00a0<\/span>As can be seen from the image below, the NFT sales for Cardano were pretty much flat throughout the past 30 days, except for 28 September. <\/span><\/p>\n

The NFT sales on this day witnessed a huge spike.<\/span> The spike could thus be attributed to the excitement over the launch of a <\/span>Cardano NFT gaming project<\/span><\/a>.<\/p>\n

\"\"\"\"<\/a><\/p>\n

Source: Santiment<\/p>\n<\/div>\n

More reasons to worry<\/h3>\n

The declining NFT growth wasn\u2019t the only reason for Cardano\u2019s troubles. <\/span>Another factor that posed a threat to the growth of ADA could be its declining DeFi activity.<\/span><\/p>\n

Over the past month, ADA\u2019s total volume locked (TVL) witnessed a massive depreciation in its value. At press time, its TVL was at $75.66 million and had decreased by 0.70% in the last 24 hours.\u00a0<\/span><\/p>\n

\"\"\"\"<\/a><\/p>\n

Source: DefiLlama<\/p>\n<\/div>\n

To improve its chances of a revival, the Cardano team will have to work on its growth in both the NFT and the DeFi space. <\/span>However, a positive future for Cardano seems far-fetched at the moment as the bearish indicators outweigh the bullish ones.<\/span><\/p>\n

For instance, the Market Value to Realized Value (MVRV) ratio was on a downward trend since 18 September. This could make investors skeptical about investing in ADA. <\/span><\/p>\n

Meanwhile, the developer activity was also seen to be declining since 28 September indicating that there was a reduction in Cardano\u2019s GitHub activity.<\/span><\/p>\n

\"\"\"\"<\/a><\/p>\n

Source: Santiment<\/p>\n<\/div>\n

But that\u2019s not all, the crypto community\u2019s sentiment towards Cardano also didn\u2019t seem positive. <\/span>Over the past month, the weighted sentiment against Cardano was mostly negative and had been declining since 20 September. <\/span><\/p>\n

This decline could imply that traders were not looking favorably upon ADA, at the time of writing.<\/span><\/p>\n<\/p><\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Cardano [ADA] was one of the few cryptocurrencies that were extremely affected by the bear market of Q2 and Q3. In fact, the price of ADA has witnessed a massive depreciation over the past month. Furthermore, despite the market\u2019s bearish conditions, Cardano\u2019s team has been trying to garner interest from the NFT communities.\u00a0 However, Cardano\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":31458,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[44],"tags":[7582,266,2224,172,5115,2028,307],"class_list":["post-31457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ada","tag-adas","tag-cardano","tag-decoding","tag-defi","tag-factor","tag-journey","tag-nft"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/10\/fall-433581_1280-1000x600.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/31457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31457"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/31457\/revisions"}],"predecessor-version":[{"id":31459,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/31457\/revisions\/31459"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/31458"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31457"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}