Investors and developers are keeping a close eye on Cardano (ADA). While recent price movements have been positive, sentiment issues linger. However, anticipation is high for upcoming network updates that could potentially shift the prevailing sentiment.
Cardano (ADA) has long been under the watchful eyes of investors and developers. While its price has shown some positive movement in recent weeks, it has been facing ongoing challenges with sentiment. However, there’s hope that sentiment could improve soon with the upcoming network updates in the pipeline.
Impact of Chang Hard Fork and Plutus V3 Upgrade on Cardano
The Chang hard fork, slated for the early months of 2024, is anticipated to significantly impact Cardano and boost network sentiment. Alongside this upgrade, Plutus V3 will undergo a substantial enhancement, marking another step forward in the network’s evolution.
These upgrades will introduce several key improvements for Cardano’s decentralized applications (dApps) and enhance the blockchain’s interoperability.
As part of broader efforts to improve the platform’s capabilities, Plutus V3 is expected to play a crucial role in the development of Cardano’s infrastructure. The integration of these upgrades is poised to bring enhancements for both developers and users on the Cardano network.
Decline in Cardano Network Activity and ADA Price Performance
Despite announcements of developments and promises of new ones, the decline in network activity on Cardano continues. The number of addresses transacting on the network has seen a significant drop, from 57,000 to 37,000 active addresses in just a few days. Additionally, there has been a decrease in the number of transactions on the network, from 79,000 to 65,000 at the time of writing, indicating a decline in activity that could potentially impact the stability of the Cardano ecosystem.
While ADA’s price performance over the last 7 days has shown a 12% increase, the last 24 hours have been less promising, with a 1% decrease. ADA was trading at $0.5497 at the time of writing. However, ADA’s transaction speed has shown an increase during this period, suggesting a rise in trading frequency. According to Santiment data, ADA’s speed was recorded at 46,552 at the time of writing.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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