- Cardano transaction volume is down from the high of 1.85 million in November 2021.
- As of July 17, 42,600 transactions were recorded on the Cardano blockchain.
- Cardano continues to increase presence in Argentina with the UBA partnership.
Cardano’s blockchain is nearing the Chang hardfork, a major upgrade in the Voltaire era. However, as the network approaches its goal of increased decentralization, transaction volume has declined significantly, while its native token, ADA, follows a downtrend in the short term.
As per the data from IntoTheBlock, the network recorded an all-time high of 1.85 million transactions in November 2021 when ADA was priced at $1.66. Since then, the digital asset has experienced a significant price decline along with plummeting transaction volumes. As of July 17, the blockchain recorded 42,600 transactions, with ADA priced at $0.4462.
Meanwhile, Cardano has introduced significant changes in its governance with the formation of the Interim Constitutional Committee (ICC) and newly elected DS (decentralized sovereign) members. Cardano Node 9.0.0 was also unveiled by creator Charles Hoskinson which sets the stage for the Conway Ledger era.
The network also expanded its footprint in Argentina, “culminating in fruitful collaborations between Cardano representatives and various Argentine organizations,” as per a post on the Cardano forum. Recently, images of Hoskison and the Dean of Universidad Nacional de Buenos Aires (UBA) were shared on social media platform X (previously known as Twitter), as the blockchain solidifies its presence in the Latin American country.
Argentine President Javier Milei was recently present at the LATAM Economic Forum where Cardano took center stage with the help of ICC nominee Mauro Andreoli, Alex Pestchanker, and Lucas Macchiavelli. The blockchain recently partnered with Argentina’s Entre Ríos to promote blockchain adoption, signaling increasing adoption.
As per the data from CoinMarketCap, the ADA token is down 1.58% in the past seven days, but is up 28.74% since July 2023. However, the altcoin is down 86.98% from its all-time high of $3.10 seen in September 2021.
The chart above by TradingView confirms that the Relative Strength Index (RSI) for the altcoin reads 46.67, suggesting bears currently control the price action. However, the gradient of the line suggests that the bulls are gradually fighting back and chances of an uptrend are increasing.
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