Cardano NFT Sales Reached $27 million, And ADA Is Attempting To Rebound

According to a Twitter user, Cardano NFT sales reached $27 million in April. According to the latest data from the Cardano NFT market, 182,411 assets have been sold in the last 30 days, with the chilledkongs collection accounting for 11.58% of the total volume.

According to data from IOHK, 4.7 million native tokens have been released on Cardano. In addition, 937 projects are being developed on Cardano, bringing the total number of NFT projects to 5,549. The expansion of the Cardano network is tied to an increase in the number of minted non-fungible art and projects.

Clay Nation, an NFT project with Snoop Dogg and Champ Medici, began a formal collaboration with them in April, delivering renowned clay animations, land pitches, and unlocking music content to Cardano.

Cardano is a proof-of-stake blockchain that processes transactions and maintains the network via network validators. It was founded in 2015 and introduced as an Ethereum alternative in 2017. It is the seventh largest cryptocurrency, with a market valuation of $18.22 billion at the time of writing.

Is there a bear market going on – Cardano NFT?

Cardano has dropped to $0.39 in the last week due to a sell-off in the cryptocurrency market. Cardano bounced back, hitting a high of $0.613 on May 16. Cardano is currently consolidating in order to make a comeback. According to CoinMarketCap, Cardano is currently trading at $0.535, up 4.28% in the previous 24 hours. Since last week, the cryptocurrency has dropped 5.79%.

When asked about the underperformance of the ADA token, Cardano founder Charles Hoskinson recently indicated that cryptocurrencies may have entered a bear market. No news, according to the Cardano founder, would have an impact. As a result, despite the protocol’s rising technical capabilities and community, the ADA price may continue to suffer.

After making large gains in 2021, ADA has underperformed this year, falling 82.62% from its all-time high achieved in early September ahead of the much-anticipated smart contract launch.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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