Cardano (ADA) Q2 Digest: Major Double-Digit Decrease Across Four Vital Metrics
Cardano's native token, ADA, experienced a 39.7% price decline to $0.39 in Q2 2024, with market capitalization dropping 39.4% to $14 billion. The increase in circulating supply contributed to this decline, causing ADA's market cap ranking to fall from 9th to 10th. Transaction fees decreased by 44.3% to $0.74 million, and average daily transactions fell by 27.5% to approximately 51,400. Daily active addresses dropped by 33.2% to 31,800. Despite these declines, the ratio of transactions to active addresses increased by 8.4% to 1.62. Total ADA staked rose slightly, but its USD value decreased by 39.6% to $8.9 billion. Cardano's treasury balance grew by 5.8% in ADA but fell 36.7% in dollar value to $604.7 million. DApp activity and total value locked (TVL) also saw significant declines. New stablecoins emerged, and upcoming upgrades like the Chang Hard Fork aim to enhance governance capabilities. ADA was trading at $0.34, down 0.7% in the last 24 hours.
