• Cardano ranked number one in terms of development activity.
• However, its dApp activity declined, along with its TVL and revenue.

Santiment, a leading crypto analytics firm, announced on 30 December that Cardano [ADA] outperformed other major cryptocurrencies in terms of development activity.

Top 2022 #blockchain protocols by development activity:

1) #Cardano $ADA
2) #Polkadot $DOT
3) #Cosmos $ATOM
4) #Ethereum $ETH
5) #InternetComputer $ICP
6) #Elrond $EGLD
7) #Flow $FLOW
8) #Optimism $OP
9) #Aptos $APT
10) #Polygon $MATIC

Read our take: https://t.co/fYiOz86GWK

— Santiment (@santimentfeed) December 29, 2022

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     Read Cardano’s [ADA] Price Prediction 2023-24

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Domination in development

Cryptocurrencies such as Polkadot [DOT] and ATOM, known for their growing ecosystem and development activity could not compete with Cardano this time. It simply meant that the developers on the Cardano team made more significant contributions to the network’s GitHub.

Upgrades such as the Vasil Hardfork and developments made on the daedalus wallet could be one reason behind the increase in development activity metric.

Well, despite the growing development activity on Cardano’s network, its ecosystem failed to register growth. 

Cardano witnesses declining activity

According to data provided by DappRadar, multiple dApps on the Cardano network were unable to invite users to their platforms. Popular dApps such as Miniswap and SundaeSwap observed a decline of 10.03% and 16.42% respectively, in terms of unique active wallets.

In fact, Miniswap’s volume and the number of transactions also fell. Over the last month, the volume for Miniswap decreased by 27.06% and the number of transactions fell by 12.32%. 

The decline in dApp activity impacted Cardano’s TVL. Based on data gathered by DefiLlama, Cardano’s TVL declined significantly. In the last few months, the overall TVL generated by Cardano fell from $58 million to $50 million.

This ended up affecting the fees generated by Cardano, which fell by 24.4% over the last week. According to Token Terminal, the overall fees collected by Cardano amounted to $189,300.

These developments impacted Cardano’s token, ADA, negatively. Based on data gathered by Santiment, the number of daily active addresses on the network had declined.

It decreased from 60,000 to 17,000 over the course of the last month. Even Cardano’s velocity declined during the same period. Thus, suggesting that the frequency with which ADA was being traded had declined.

It is yet to be determined whether Cardano’s increased development activities will help it confront the challenges ahead. However, at the time of writing, ADA was trading at $0.240, and its price fell by 1.45% in the last 24 hours.

• Dogecoin price gets unchained from the mercy of Elon Musk.
• DOGE price action is underpinned and looks promising towards the upper end.
• Expect a breakout near the end of August, beginning in September with plenty of room to rally 50%.

Dogecoin (DOGE) price has had a rough patch recovering from the crypto winter and the ear-deafening silence of its backer Elon Musk. Since Musk has not mentioned Dogecoin for months now, it is good to assume that the relationship between the two has ended, the breakout has been processed, and now it is time to move on. Traders in Dogecoin have done so and have provided a very strong bullish signal to the markets as price action gets underpinned and is skewed in only one way… up!

DOGE price set to be pumped up by 50%

Dogecoin price has had an enjoyable summer thus far. Clawing out of the well that the crypto winter had created on the back of that big inflation wave in the first few months of the year in relation to the Ukraine situation. A turnaround looks to be underway as DOGE price is set to print a fourth consecutive week of gains. 

DOGE price sees its price action is underpinned by the 55-day Simple Moving Average (SMA) that is being used as a handle for the second time in two weeks. With the monthly pivots of August that close to each other, this element technically points to a squeeze, and a breakout is due to unfold. Seeing that underpinned price action at $0.068, price action could quickly climb to $0.10 and return a steep 50% earnings, backed by the Relative Strength Index that has more than plenty of room before being overbought.

DOGE/USD Daily chart

Risk to the downside could be happening on the back of a  mere technical break of the 55-day SMA where bears would try and run price action down to $0.04. That is a 38% decline from where price action is currently trading this week. Should that level break, another can of negative returns gets opened with $0.007 as rock bottom.