Cardano holders may have reasons to celebrate even before Vasil rolls out
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Now that the Unification hype has died down, it’s time Cardano [ADA] conquer. The The Vasil hardfork is coming this month, and the entire crypto community is closely watching the web.
Recently, Input Output Global (IOG) tweeted all the new and interesting developments regarding the Vasil hardfork that happened over the past week.
Every Friday we publish our weekly magazine #Cardano development update. So for a look down at what the IOG development team has been working on this past week, check it out 👇https://t.co/otiCZmzx6a
— Input Output (@InputOutputHK) September 16, 2022
Here’s something new
According to the latest announcement, the total number of transactions on the Cardano network was 50 million. A similar increase also occurred in the number of initial tokens, when it exceeded 6 million.
According to IOG, the Marlowe team tested Marlowe’s Plutus validators in a mock test environment. They also implemented a coin selection and transaction balancing algorithm for Marlowe.
In addition, the Daedalus team also tested the new Trezor firmware. The most significant change is that the PreProduction environment hardforked on September 19, before the mainnet hard fork.
Despite all these developments in the Cardano network, the price of its token remained unchanged. Additionally, the token recorded a negative seven-day gain of 8%. However, the sigh of relief is that the price of ADA increased by almost 2% in the last 24 hours. At the time of writing, ADA was trading at $0.4765 with a market capitalization of $16,289,324,035.
Is it good for the ADA now?
When there was less than a week until Vasili’s update, several indicators paid off ADA, suggests better days. For example, ADA’s development activity has been on a continuous rise over the past month. This matched all recent updates.
ADA’s 30-day market-to-realization value (MVRV) also increased, which may lead to a further increase in its price. In addition, ADA’s social dominance increased during the last week. This showed the increased interest of investors and crypto-enthusiasts in the token.
Nevertheless, according to information from the cryptocurrency ADARelative Strength Index (RSI) and stochastic were in neutral positions.
Considering all the developments, metrics and ADA’s recent price action, we can expect to hear better news with Vasili’s update.