Main navigation

Cardano Price Jumps 20% as Development Activity Increases

News
Wed, 08/11/2021 - 08:17
article image
Arman Shirinyan
Cardano developers are actively working on a project that leads to bullish volatility on the ADA chart
Cardano Price Jumps 20% as Development Activity Increases
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Cardano's price has rapidly increased after rumors of upcoming smart contract solutions on the network and generally increased development activity, according to Santiment.

The price of the ADA token has moved by more than 20 percent in two days and almost 70 percent over a period of 20 days while following the generally bullish sentiment on the market that began in late July.

Related
$611 Million DeFi Heist Hacker Failed to Contact Poly, Named Another Term to Return Funds

Cardano Chart Santiment
Source: Santiment

The increased average development activity of the project also may be the reason for the coin's growth, according to the chart. As we can see on the Santiment chart, the overall development activity trend correlates with the price of an asset.

Recently, Cardano has minted the world's first Non-Fungible Tokens of Appreciation (NFTAs). According to the developers' blog, tokens that are going to be built on Cardano are native. Unlike ERC-20 tokens, Cardano will not require smart contracts. Every NFT or NFTA is going to be treated like a native token of the network ADA.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.