Cardano’s development activity impresses despite…

Despite ADA’s vibrant on-chain vitality, price struggles persist, painting a complex portrait of innovation and challenge.

Cardano ranked as the top chain with the most development activity.
Cardano’s TVL and stablecoin market cap were also on the rise.

In 2023, Cardano [ADA] has consistently been ranked as the second-highest blockchain in development activity. However, it has overtaken the leading position in the past 30 days, becoming the blockchain with the most significant development activity.

Cardano leads in dev activity

Recent data from Santiment revealed that Cardano has successfully surpassed Polkadot [DOT] and Kusama, taking the lead as the blockchain with the highest development activity. Historically, Cardano had held the second position, but in the last 30 days, it showcased an impressive count of more than 500 development activities.

Polkadot and Kusama recorded around 493 combined during the same period.

🧑‍💻 Throughout 2023, #Polkadot & #Kusama shared the honors for most #github development in #crypto according to our calculations for notable activity. However, #Cardano has finally outpaced them. Read more about how @santimentfeed tracks dev. activity here: https://t.co/vWQCE4a1nv pic.twitter.com/6KBUNf0BIt
— Santiment (@santimentfeed) August 21, 2023

Trading at approximately $0.26 at press time, it experienced a decline of over 1%. Also, the price trend appeared lackluster, as evident from its position below its long and short Moving Averages (blue and yellow lines).

Furthermore, ADA’s price trajectory had positioned it near the oversold zone, a consequence of its trend, as indicated by the Relative Strength Index (RSI). This confluence of factors suggested a less-than-favorable outlook for ADA’s price movement.

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