Cardano is once again under fire from the crypto community due to its low transaction volume and weak market performance. Despite having assets worth $22 billion locked in the network, it processes only 1.3 transactions per second (TPS). This raises concerns about the network's utility and its future.
Many argue that this low transaction rate indicates that fewer than 1.5 users are using the network at any given time, which some consider a disastrous situation for Cardano.
Cardano Transaction Statistics
Cardano processed 6,697 transactions per hour, with an actual average TPS of 1.86. Over the past 24 hours, the #blockchain processed 112,179 transactions, with an average TPS of 1.3. The total number of transactions for the week was 826,066, with a slightly higher TPS of 1.37.
Interestingly, the maximum TPS remains at zero across all timeframes, suggesting either the absence of peak transaction speeds or a lack of available data.
Security Alerts and Fraudulent Activities
The #Cardano team has issued a warning to its community regarding fraudsters attempting to exploit users through fake emails offering "help" with #ADAToken migration. Users are advised to stay cautious and ignore any suspicious emails, especially those falsely claiming to migrate to ADA v2 #tokens .
Cardano emphasizes that if an offer seems too good to be true, it most likely is a scam.
ADA Price Drop and Technical Analysis
The price of $ADA has been struggling in recent days. Over the past week, its value dropped from approximately $0.4096 on September 28 to $0.34 on October 2. Subsequently, the price fluctuated between $0.34 and $0.35, and as of October 4, it stands at $0.348. However, the overall trend remains bearish.
Technical indicators, such as the MACD and RSI, support this bearish sentiment. The MACD shows a bearish crossover, with the MACD blue line falling below the orange signal line. The RSI is at 43.79, indicating that the market is in a #BEARISH📉 zone, although not yet in oversold territory.
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