Cardano (ADA) On-Chain Activity Skyrockets in July Despite Market Crash
u.today 05 August 2024 16:28, UTC The Cardano Foundation has recently shared statistics for the Cardano network for July, revealing growth in on-chain activity.
The Cardano Foundation highlighted the steady growth in Cardano’s on-chain activity for the past month, noting that this “momentum highlights Cardano’s dynamic, growing ecosystem and the ongoing engagement of the community.”
Cardano’s July 2024 On-Chain Stats
We witnessed steady growth in @Cardano’s on-chain activity last month – this momentum highlights Cardano’s dynamic, growing ecosystem and the ongoing engagement of the community.
Let’s continue building a decentralized future together. pic.twitter.com/fvhwiG0qrq
— Cardano Foundation (@Cardano_CF) August 5, 2024
The July on-chain statistics indicate that Cardano experienced mild growth in various metrics, indicating increasing network usage and activity.
According to the graphic posted by the Cardano Foundation, transactions reached 94.6 million, representing 1.62% growth, of which 37% represented smart contracts, 38% were simple transactions and 25% were metadata without smart contracts.
Plutus scripts increased by 1.88% in the past month to 6,659. Native tokens rose 1% to 10.2 MILLION, while policies rose 7.6% to 150,477. Cardano wallets showed a marginal increase, soaring 0.71% to 4.84 million in the past month. Delegated wallets soared 0.02% to 1.35 million.
Meanwhile, the ADA price closed July lower by 1.02%, despite reaching highs of $0.456 this month. July saw mixed price action for several crypto assets as the markets reacted to concerns over the defunct Mt. Gox crypto exchange and interest rate cuts.
ADA price dips amid market sell-off
August kicked off on a bearish note for the crypto market, with various assets falling across the board.
Cryptocurrencies tumbled at the week’s start amid a global market sell-off fueled by recession fears. The developments reflect a broader market sell-off that began last week when a weaker-than-expected July jobs report raised investor concerns about a recession.
Bitcoin dropped nearly 20% at one point during Monday’s trading session, while ADA fell as much as 18% before recovering some of its losses.
At the time of writing, ADA was up 3.43% in the last hour, indicating potential dip-buying. However, it is still down 9.32% in the previous 24 hours to $0.316, as well as 23.13% weekly.
ADA is already down 18.11% in August, which is traditionally a sluggish month for risk assets.
