According to U.Today, the Cardano network has been highlighted for its impressive on-chain volume by on-chain analytics firm IntoTheBlock. The data reveals that Cardano settles approximately $7.2 billion daily in on-chain volume, surpassing many other blockchain networks. This substantial volume showcases the utility of the Cardano network. However, this impressive on-chain volume yields an impressively low Network Value to Transaction (NVT) ratio of just 2.62, which could indicate that ADA is undervalued. The NVT ratio is a measure of market capitalization divided by transferred volume, used to determine if a coin is overvalued or undervalued. A very low NVT ratio might suggest that ADA is trading below its true market value. At the time of writing, Cardano's native cryptocurrency, ADA, was trading at $0.334, significantly less than Ethereum and Solana's current valuations of $2,637 and $145, respectively. ADA remains down 89.2% from its all-time high of $3.10, reached in September 2021. Despite failing to hit an all-time high in this year's market boom, which propelled BTC to roughly $74,000 in mid-March, the percentage of ADA held by long-term holders has reached an all-time high, accounting for about 40% of the total supply. This long-term holding trend demonstrates a significant level of confidence on the part of ADA holders. However, Cardano is experiencing a slowdown in new users, with its number of addresses with a balance hovering around 4.45 million for over a year. Despite this, the network's transaction count and active user base have stayed consistent since April, demonstrating a committed community that remains engaged with the protocol. Cardano had substantial growth during the last cycle, positioning itself as a viable alternative to Ethereum. However, in the current cycle, the network faces difficulties in attracting new users, with much of the focus shifting to platforms such as Solana and Base.