- Cardano transactions increased by 1.8 million in May.
- Active addresses and daily active addresses increased, but the ADA price fell 8%.
Cardano [ADA] recently unveiled its monthly roundup, which showed a remarkable wave of transactions across its network. But let’s see if this growth resonated with other crucial metrics and ADA.
Transactions on Cardano increase by 1.8 million
In a recent update on May 31, Cardano provided insight into the activity on its network. One of the main highlights was the sharp increase in the number of transactions.
According to the report, Cardano witnessed a remarkable increase of 1.8 million transactions, bringing the total number to 67.2 million transactions. This increase in transaction volume was not the only notable event during the month.
In addition to the transaction spike, there was a significant increase in native token creation on the Cardano network, with an increase of 150,000 tokens.
In addition, the launch of Marlowe, a collection of open-source tools designed to simplify the development, testing and deployment of secure smart contracts on the blockchain, took place on the network’s mainnet.
Given all these developments, it is worth investigating whether these advancements have had a significant impact on on-chain activity within the network.
Cardano active addresses show a slight upward trend
Santiment’s analysis of Cardano’s 30-day active address metric revealed an interesting pattern, especially towards the end of May.
The accompanying graph shows a mixed picture of the number of active addresses in this period. Around May 20, there was a notable drop from about 1 million active addresses to about 945,000.
Around May 28, however, a positive trend emerged. At the time of writing, the active addresses have reached the 1 million mark again.
Source: Sentiment
Furthermore, compared to the beginning and end of May, there was a clear increase in the number of daily active addresses. On May 1, daily active addresses were about 60,000, but by May 31, they had risen to about 82,000.
At the time of writing, the active addresses stood at more than 21,000. This indicated continued involvement within the Cardano network.
Source: Sentiment
TVL and price show divergence
Examining Cardano’s price trajectory revealed a less positive picture than its transactional growth. According to the price trends tool, ADA experienced a more than 8% drop in value in May.
At the time of writing, it was trading at around $0.36, indicating a loss of more than 3%. The Relative Strength Index (RSI) confirmed a bearish trend as it remained below the neutral line and showed continuous downward movement.
Source: TradingView
How much are 1,10,100 ADAs worth today
On the other hand, Cardano’s Total Value Locked (TVL) is on Defillama presented a different perspective and showed an upward trend. The TVL stood at around $172 million at the time of writing, indicating a positive trajectory on the chart.
Cardano has witnessed significant positive trends in key metrics including more transactions and TVL. However, the price movement has yet to align with these metrics and may converge in the coming months.
