Why Cardano’s developments have not helped ADA’s price

After a massive price rise in the last 24 hours, Cardano’s [ADA] price registered a decline. The blockchain’s development activity followed a similar trend.AMBCrypto’s analysis of Santiment’s data revealed that ADA’s Dev Activity Contributors Count remained high last week. However, its Development Activity dropped. Alongside, Input Output Global posted its weekly development report, highlighting the work done by different Cardano teams. As per the report, the Lace team released v.1.12, which comes packed with improvements and a major new feature that allows users to choose fiat currencies to fund their wallets via this service.This week, the Plutus team released version 1.29.0.0 of the Plutus libraries, while the Mithril team continued implementing the certification of Cardano transactions in Mithril networks. The report also mentioned the updated statistics of the Cardano blockchain. Cardano’s total number of transactions exceeded 91 million, while its number of native tokens also exceeded 10 million.

Additionally, 171 projects have been launched on the blockchain to date. While developers worked on multiple projects, ADA turned volatile.The token’s price surged and touched $0.487 on the 8th of June, but the trend didn’t last. Soon after, the bears took over and pushed down the token’s price.According to CoinMarketCap, ADA was down by more than 9% in the last 24 hours.At the time of writing, the token was trading at $0.4354 with a market capitalization of over $14 billion, making it the 10th largest crypto.

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