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Zilliqa (ZIL) Price Soars As Network Unveils Impressive Performance

Amid the bearish trend that suppressed several coin prices, including Bitcoin, the Zilliqa token emerged among the gainers. Zilliqa secured first place among top-gaining coins in the bearish cryptocurrency market with a 9% uptrend over the past 24 hours.

This price move follows a network performance statistics update shared by a Twitter community member @inna_everstake. According to stats, Zilliqa reached a new milestone in network addresses and daily transactions.

Zilliqa Hits Milestone In Network Activity

Zilliqa is a permissionless public blockchain that offers high transaction throughput. It aims to improve blockchain scalability and speed using sharding as a layer2 scaling solution. 

The Zilliqa network relies on shards to solve scalability issues. Each shard processes transactions independently. The number of transactions increases as the Zilliqa network grows and the number of shards increases.

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The recent network performance statistics suggest the Zilliqa network is rapidly growing and has gained more traction. According to the update, Zilliqa recorded 4,582,116 addresses with 47,937,935 transactions and over 5.5 billion staked ZIL tokens. 

The statistics are incredible, given Zilliqa’s position in the cryptocurrency market compared to other Smart Contract platforms like Cardano, Ethereum, and Solana. Another notable fact is that the total addresses recorded participate in active daily transactions.

Zilliqa’s improved performance could be due to the increasing number of new developers coming to build on the network. The Zilliqa ecosystem has been active in running innovative programs that attract new Web3 developers, which is why the network addresses and transactions skyrocketed.

ZIL Price Outlook Amid The Boost In Network Performance

Zilliqa is among the coins with the most dynamic price movement this year. Zilliqa opened in 2023 at $0.01585 but gradually rallied to its current price of $0.0331, a notable increase amid slight pullbacks.

Zilliqa (ZIL) Price Soars As Network Unveils Impressive Performance

Although ZIL is still 87.33% down from its all-time high price of $0.2563, recorded on May 6, 2021, it has improved considerably since 2020. 

ZIL’s price is over 1,210% higher than its all-time low of $0.002477 on March 13, 2020. At press time, ZIL is trading at $0.331, a 9% price increase from the April 20 closing price of $0.03015.

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Even ZIL’s trading volume has increased by over 38% from $116.69 million on April 20 to $190.71 million today, April 21. That could be a further confirmation of increased network activity. 

ZIL also recorded a nearly 11% price gain over the past seven days when coins like Bitcoin and Ethereum gave up theirs. The token now has over 12% price increase in the last two weeks.

From the technical perspective, ZIL’s market sentiment is bullish, with the oscillators and moving averages flagging a strong buy signal.

Featured image from Pixabay and chart from Tradingview

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Cardano Registers Milestone With More Than 7 Million Native Tokens

Cardano (ADA) has failed to take advantage of a significant network milestone it recently achieved as the digital asset continues to struggle in pushing its price to higher levels.

At the time of this writing, the cryptocurrency was changing hands at $0.3060 and has gone down by almost 3% during the last 24 hours according to data from Coingecko.

This comes as a surprise as the project’s blockchain is in the midst of celebrating the accomplishment of having more than 7 million native assets that have been created on it.

Basing from the information shared by pool.pm, by leveraging 65,652 varying minting policies, the Cardano network is now home to 7,055,456 native tokens.

What makes this achievement extra special is the fact is that just last September the blockchain hit the 6 million count.

Nonetheless, ADA seems to have ignored this development as it hasn’t responded positively in terms of spot trading price and market capitalization.

Smart Contracts In Cardano Network Continue To Grow

From a 2022 opening tally of 2,844 smart contracts, there are now 3,791 SCs running on Cardano’s Plutus platform, representing an increase of 300%.

This comes at a time when the network is working on an additional development that mainly focuses on improving the smart contract functionality of the blockchain.

Particularly, the team responsible for this network activity is paying attention to increasing script capacity and the Plutus Debugger MVP for the full implementation of the Babbage support.

Back in September 2022, when the Vasil hard fork upgrade was launched by Cardano in hopes of increasing the scalability of the DeFi network, there was a significant increase in smart contracts running on the blockchain.

Elsewhere, the project is also witnessing impressive growth in terms of on-chain activity as evidenced by the daily address activity which has jumped over 90% at the time of this writing.

Moreover, the number of delegated wallet addresses for Cardano has now reached 1.23 million, although some experts believe that this surge might have been instigated by the massive sell-off prompted by the collapse of the FTX crypto exchange.

December Not Looking Good For ADA?

According to Coincodex, over the next five days, ADA will post a slight increase in its trading price which the online crypto info aggregator predicts to be at $0.3065.

That however, will be followed by a more bearish forecast which sees the asset experiencing severe price dump towards the end of the year.

By using its technical indicators and historical price movements, Coincodex was able to arrive at the prediction that 30 days from now, the altcoin will fall all the way down to $0.2742.

Still, just like its fellow crypto assets, Cardano is subject to high volatility levels which means that in just a matter of a blink on an eye, it can surpass all predictions made related to its price trajectory.

ADA total market cap at $10.7 billion on the daily chart | Featured image from Latest Finance News, Chart: TradingView.com