Cardano’s profits surge and developer dominance in September 2023

Profit-taking has jumped a few borders, as per the data from Santiment. Altcoins, namely ADA, AAVE, and CRV, have observed the maximum profit-taking number. Speculation is that the price could decline in the days to come. The effect is even tangible with ADA’s trading price, which has decreased by 2%. There are no such adverse effects on Aave.

Investors may be looking to exit the network, causing high profit-taking. This comes at a time when BTC briefly surpassed the $28,000 mark. It is currently trading at $27,399.40. ADA continues to go strong, evident from the fact that the decline was small against the plunge of 7% in the past day.

Working well for Cardano is the number of developer activities that the network registered in September 2023. Cardano has topped the list of 572 such activities. It is followed by Polkadot, with 501 activities on the network for the same month. These activities, especially for Cardano, relate to its GitHub repositories. The numbers were made public on October 2, 2023.

Cardano has gained that spot with the hard work that was invested in the previous month. One of the notable developments was the introduction of a multi-delegation feature to Lace. This function basically allows users to stake in five different pools simultaneously, along with additional Ledger support.

Cardano was last seen being traded at $0.26, a slip of 2.15% in the last 24 hours. Experts are optimistic that the token will touch $0.88 by the end of 2023. ADA crypto price prediction has also highlighted that the minimum value Cardano may touch is $0.36 before 2023 ends. Assuming it takes the highest possible value, it could pave the road for achieving $1.43 by the end of 2025.

ADA has gained 2.45% in the last 5 days and has lost 0.29% in the last 1 month. Cardano gains a lot from its whales, who go on a buying spree no matter what the token is going through. As a matter of fact, Cardano whales have often been seen doubling down on their holdings amid the bearish sentiments. The previous week brought the token closer to the $0.24 mark. That was the second-lowest price in the month. Yet, Cardano whales increased their activities of buying the digital asset.

Profit-taking activity is giving rise to speculation that a price decline is likely; however, given the trend, whales would back the fall and probably bring the price back on track. Even if that does not happen, developer activities will keep it floating at the top of the list, way ahead of favorites like Hedera and Chainlink.

Having said that, both networks have registered the developer activities of 358 and 388, respectively. The numbers are true for September 2023, as published in early October 2023.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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