- Cardano (ADA) has taken the lead in monthly development activities among major proof-of-stake (PoS) blockchain networks, recording 332.9 GitHub commits in the past 30 days.
- While Cardano demonstrates strength in development, concerns arise as the blockchain experiences a notable reduction in large transaction volumes, indicative of whale activity.
In a demonstration of robust development engagement, the proof-of-stake (PoS) blockchain network Cardano (ADA) has emerged as a leader in monthly development activities, surpassing its major counterparts in GitHub Commits. According to insights from the crypto analytics platform Santiment, Cardano has maintained a slight lead over its peers in the past month.
Total GitHub data reveals that Cardano recorded an impressive 332.9 commits over the last 30 days. The closest contender, Polkadot, secured the second spot with 329.57 commits during the same period. Santiment notes that Cardano’s GitHub Commit figure did not experience a significant surge compared to the previous report, attributing the slight slowdown to the holiday season in December, which affected developer activities across the board.
Cardano consistently holds the top position as the leading platform in terms of developer engagement. Despite the emergence of numerous alternative protocols, including both layer-1 and layer-2 solutions, Cardano has maintained its stronghold at the forefront of development activity. This continued commitment to advancement positions Cardano as a formidable competitor and Ethereum alternative.
Here are #crypto‘s top coins by development activity. Notable #github commits past 30d:
1 @cardano $ADA
T2 @polkadot $DOT
T2 @kusamanetwork $KSM
4 @optimismFNP $OP
5 @ethstatus $SNT
6 @hedera $HBAR
7 @cosmos $ATOM
8 @dfinity $ICP
9 @chainlink $LINK
10 @ethereum $ETH pic.twitter.com/zhN01674ag— Santiment (@santimentfeed) January 22, 2024
Santiment data further reveals that Kusama, Polkadot’s canary network, secured the third position with a total commit of 329.57, mirroring Polkadot’s figures. The development momentum showcased by Cardano highlights its strength as a major Ethereum competitor, especially considering that other prominent chains, like Ethereum, are registering comparatively lower GitHub commits overall.
Cardano Whale Activity Drops, Raises Concerns for ADA Price
Cardano’s blockchain is experiencing a notable reduction in the occurrence of large transaction volumes, commonly associated with significant whale movements. This abrupt and substantial drop has resulted in a virtual standstill in the network’s overall activity.
On-chain metrics reveal a stark decline in the number of large transactions, typically indicative of whale behavior. While such a dramatic fall often signals a shift in network dynamics, the reasons behind this occurrence remain opaque. The motives, whether involving accumulation, redistribution, or other factors, are currently speculative, leaving room for interpretation and causing concern among stakeholders.
A prolonged analysis of Cardano’s on-chain activity suggests a gradual decrease in whale participation. This trend may imply various strategic maneuvers by significant holders, such as discreet accumulation phases or strategic asset redistribution. However, the lack of clarity and transparency poses challenges in pinpointing the exact motives or implications for Cardano’s ecosystem and its investors.
Examining ADA’s price chart, technical analysis paints a worrisome picture. ADA’s price is hovering around the $0.46 mark, a historically crucial support level that has been tested thrice before, particularly in October. Despite this, the absence of robust buying power and the current decline in volume suggest a weakened defense at this support level.
The prevailing market sentiment, combined with specific fundamental challenges for Cardano, such as limited utility beyond transactions and payments, and ongoing legal issues, contribute to a bearish outlook for the asset. The convergence of these factors may lead to a further price decline. If the $0.46 support level fails to hold, the next substantial support is at $0.4136. A breach below this threshold could potentially trigger a deeper decline in ADA’s value, seeking lower support levels yet to be established.
