As a researcher with a background in blockchain technology and cryptocurrency, I find Cardano’s recent achievement of surpassing 10 million native tokens to be an impressive milestone. The unique ability for users to transact not only with ADA but also an unlimited number of custom tokens natively sets Cardano apart from other networks, providing distinct advantages for developers.
Reaching over 10 million native tokens in circulation on the Cardano network is a noteworthy accomplishment, signaling growing recognition and utilization of the Cardano platform within the broader realm of blockchain technology and cryptocurrencies.
On Cardano, native tokens enable users to conduct transactions involving multiple assets, including ADA and an infinite number of custom-defined tokens.
Developers can take advantage of native support in various ways: One significant benefit is that it removes the requirement to develop smart contracts for managing custom tokens, such as ERC-20 or ERC-721, thereby cutting out an extra layer of complexity and potential manual errors since the blockchain itself manages all token-related functionalities.
As a crypto investor, I’m excited to share that the latest IOG weekly report indicates we’ve hit a new milestone with 10 million native tokens in circulation and 120,576 unique token policies. The transaction volume on the network is also impressive, currently standing at 90.8 million. Additionally, there are now 46,698 Plutus scripts in place.
Moving forward, the Cardano network is primed for advancement and broadening horizons. The ongoing enhancement of its smart contract functionality and forthcoming updates like the Chang network improvement are predicted to draw in additional crowds to the ecosystem.
ADA price action
The current upward trend in Cardano’s ADA price seems to be faltering due to resistance from its daily moving averages.
Starting on May 21, ADA experienced a steady climb and peaked at $0.51. However, it encountered resistance and subsequently dropped for four consecutive days. Currently, the price has declined further by 0.33% to $0.4611 within the last 24 hours.
Since early April, the 50-day and 200-day simple moving averages (SMA) have presented formidable challenges to the upward trend of ADA. The current price action raises questions about ADA’s near-term price direction due to a recent occurrence where the 50-day SMA crossed below the 200-day SMA, creating what is known as a “death cross.” In the immediate term, ADA needs to conquer the resistance level set by its 50-day exponential moving average (EMA) in order to suggest a potential rally.
After Ethereum ETFs have been given the green light, traders and analysts will remain vigilant, closely monitoring indicators and market cues as they prepare to adapt their strategies based on Cardano (ADA) ‘s impending major price shift. The upcoming period is pivotal in shaping ADA’s future trend.
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2024-05-26 14:47