Elrond: A year-to-date look into the performance of EGLD

In its newly published weekly ecosystem report, Elrond, the scalable smart contract blockchain network, informed users of the developments within its network in the last week.  With a total address of 1,852,288, Elrond registered a 1% growth in the index of addresses on the network last week.

Timeline of Elrond-egld

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The price of Elrond (EGLD) has shown little relief bounce against Tether as it continues to range in its bearish flag pattern. Although relief bounces are shown by other cryptocurrencies across the market, with some double-digit gains, Elrond's price has struggled to crack those gains.

EGLD, Elrond Network's native coin, was able to break free from a falling wedge pattern during an uptrend seen on August 20. According to CoinMarketCap, EGLD is up by 0.77% or trading at $53.58 as of this writing.

EGLD, the native coin of the scalable smart contract blockchain network, Elrond Network, broke out of a falling wedge in an uptrend on 20 August. Sharing a significant positive correlation with the leading cryptocurrency, Bitcoin, EGLD has been impacted by the general downturn that has plagued the cryptocurrency market since the beginning of this month.

This year has brought many upheavals in the crypto market. Starting from January 2022, the market began to go downhill, the fall became steeper around April and May, and the crypto arena plummeted by the end of July.

In an announcement blog dated 1 July, Elrond, the scalable smart contract blockchain network, informed its users of the launch of its decentralized exchange (DEX), Jungle DEX. According to the team, the DEX is “not just a product launch, but an open door to real, raw innovation.

Elrond, a fast, scalable smart contract blockchain network witnessed an impressive amount of traction this week. In fact, the EGLD token's price jumped by 9% over the last 24 hours of 3 July to tade around the $50 mark.

Cantina Royale and Elrond Apes are teaming up to enhance the appeal of the upcoming top-down tactical arcade shooter with play-to-earn mechanics. Elrond Apes NFTs will be featured in the game and become usable across single and multiplayer battle modes.

Vaduz, Lichtenstein, 28th June, 2022, Chainwire Cantina Royale and Elrond Apes are teaming up to enhance the appeal of the upcoming top-down tactical arcade shooter with play-to-earn mechanics. Elrond Apes NFTs will be featured in the game and become usable across single and multiplayer battle modes.

The first half of 2022 has been one of the worst periods for cryptocurrencies. Since the beginning of the year, significant tokens such as Bitcoin (BTC) and Ethereum (ETH) have declined by 40% to 50%, indicating a bear market 2022.