Over 10 million native tokens have been issued on the Cardano network, marking a noteworthy milestone. This accomplishment highlights how Cardano is becoming more and more popular in the blockchain and cryptocurrency sector.
On Cardano, multi-asset transactions are made possible via native tokens. Cardano is the only platform that enables native transactions with both ADA and an infinite number of user-defined (custom) tokens.
For developers, native support offers particular benefits: since the ledger handles all token-related functions, handling bespoke tokens, for example, avoids the need to write smart contracts, adding another level of complexity and risk of human error.
The latest IOG weekly report states that there are 120,576 token policies and 10 million native tokens. At now, there are 90.8 million network transactions and 46,698 Plutus scripts.
The Cardano network is expected to continue growing and expanding in the future. Its planned updates, including the Chang network upgrade, and ongoing development of its smart contract features are anticipated to draw even more users to the platform.
ADA price action
The pressure of Cardano’s daily moving averages seems to have stopped its current price surge.
ADA started to grow gradually and on May 21 hit a high of $0.51 before encountering resistance. Following that, ADA fell for four days in a row before increasing once more. As of this writing, ADA is down 0.33% to $0.4611, indicating that selling has persisted over the past day.
Since the beginning of April, the 50-day and 200-day simple moving averages (SMA) have presented substantial obstacles to the upward trend of ADA. A recent crossover of ADA that displayed a death cross raises more speculation on the short-term market trend of the stock. In the near term, the 50-day EMA acts as an immediate resistance level for ADA, which it has to overcome to signal a potential rally.
Traders and experts will continue to keep a careful eye on the indications and market signals when Ethereum ETFs are approved, prepared to modify their strategies in reaction to ADA’s next big move. The course of ADA’s price will be determined in large part during the next few days and weeks.
