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Cardano (ADA) Triumphs: 10 Million Tokens Milestone Achieved

source-logo  u.today 26 May 2024 14:30, UTC

The Cardano network has reached a significant milestone, surpassing 10 million native tokens. This achievement underscores Cardano's increasing adoption within the blockchain and cryptocurrency space.

Native tokens allow the transacting of multi-assets on Cardano. Cardano uniquely allows users to transact with ADA, as well as an unlimited number of user-defined (custom) tokens natively.

Native support has specific advantages for developers: There is no need to create smart contracts to handle custom tokens, for example, which eliminates an additional layer of complexity and the possibility of manual errors because the ledger manages all token-related functionality.

According to the most recent IOG weekly report, native tokens have reached 10 million with 120,576 token policies. Currently, network transactions have reached 90.8 million, while Plutus scripts are at 46,698.

Looking ahead, the Cardano network is poised for further growth and expansion. The continued development of its smart contract capabilities and the upcoming upgrades such as the Chang network upgrade are expected to attract even more users to the platform.

ADA price action

Cardano's ADA recent price rise appears to have stalled under the pressure of its daily moving averages.

ADA began to rise gradually and reached highs of $0.51 on May 21 before running into resistance. After that, ADA decreased for four days in a row before rising again. Selling has continued, with ADA down 0.33% to $0.4611 at the time of writing, during the last 24 hours.

The 50-day and 200-day simple moving averages (SMA) have posed significant barriers to the rising trend of ADA since the beginning of April. Further conjecture over the short-term price trajectory of ADA is raised by a recent crossing that showed a death cross. The 50-day EMA serves as an immediate resistance level for ADA in the short term, which it must surpass to indicate a possible rally.

Following the approval of Ethereum ETFs, traders, and analysts will continue to watch the indicators and market signals closely, ready to adjust their strategies in response to ADA's next significant move. The coming days and weeks will be crucial in determining the direction of ADA's price.