The Cardano (ADA) Price: Can Increased Developer Activity Boost Market Share?
The Cardano (ADA) price is currently hovering below $0.24, experiencing a 47% drop from its peak in April. To regain market share and investor confidence, the Cardano team has ramped up developer activity. Despite stiff competition from layer-2 networks like Base, Arbitrum, and Optimism, the team remains committed to reclaiming its status as an “Ethereum killer.”
Cardano Team BUIDLing Resounding Response to Competition
In response to regulatory challenges and competition, Cardano has seen a significant increase in developer activity. On-chain data shows that the Cardano Development Activity score has risen from 454 to 559 between July and September.
While the ADA price has dropped by 25% during this period, the development team continues to build projects and enhance existing features. Their efforts aim to position Cardano for the next bull rally.
Cardano Now Leads Crypto Development Activity
After months of intense building, Cardano has claimed the top spot globally in crypto development activity. This achievement places Cardano ahead of Polkadot and Kusama in terms of development progress.
Development activity is crucial as it demonstrates a network’s commitment to improvement. Despite historical data showing limited correlation between ADA price trends and development activity, smart contract developers have contributed to a 250% growth in Cardano’s total value locked (TVL) this year.
ADA Price Prediction: The Next Bull Rally Could Reclaim $0.35
Although Cardano’s price performance has been lackluster in 2023, increased developer activity and TVL growth indicate a steady user base and network demand. This could potentially push the ADA price towards $0.35 during the next bull rally.
The Global In/Out of Money Around Price (GIOM) data supports this bullish thesis, showing that if ADA surpasses the initial resistance at $0.29, it could rise to $0.35. However, a drop below $0.20 may result in bearish control.
Hot Take: Increased Developer Activity Offers Hope for Cardano’s Future
Despite the recent price decline, Cardano’s increased developer activity is a positive sign for the project’s long-term prospects. By focusing on building and improving the network, Cardano aims to reclaim its position as a leading blockchain platform. While market competition remains fierce, the dedication of the development team and their commitment to innovation may propel Cardano to new heights in the future.
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