Cardano has experienced a steep decline in price over the last few months. It is now slowly approaching its record low. ADA (its token) has been falling for three months in a row and was at $0.3305 as of Saturday. This trend could continue and the coin will soon drop to a record-low of $0.2400.
Cardano’s price has fallen steadily since the peak in 2021, when it reached $3.1. Cardano’s market cap dropped in this time from $91 billion at its record-high to just $11 billion. This makes it the most underperforming coin of all.
Cardano is still worth $11 Billion. This means it has a higher market capitalization than many well-known corporations, such as Qorvo, Vivendi Carrefour and Chesapeake Energy. These companies bring in millions of dollars every year.
Biggest bubble in crypto
It is not surprising that the crypto market is complicated and comprised of many bubbles. All meme coins, for example, have a combined market capitalization of more than $38 billion. Dogecoin is the leader, followed by Shiba Inu and Pepe.
Ghost chains are layer 1, layer 2, and network networks with no activity. Zilliqa Kadena Velas and Velas, to name a few, are the best known.
Investors are aware of what they’re getting themselves into with meme coin. Some analysts think that the tokens are useful because they’re highly liquid and volatile, which makes them perfect for day traders.
Cardano has a completely different narrative. Charles Hoskinson launched the platform in 2017, with the goal of being a more viable alternative to Ethereum, which was the largest layer 1 blockchain in the world. Cardano is a Proof-of Stake network that has low transaction fees and is faster than Ethereum.
Cardano is known for being the first blockchain to have been founded on peer reviewed research. Hoskinson was also, along with Polkadot’s Jed McCaleb a founding Ethereum member.
In 2021, the Environmental Societal and Governance craze spread. Many crypto investors at the time moved over to Cardano because they thought it was the better alternative to Ethereum. They bought the tokens and drove its market cap up to $91 billion.
Cardano and Ethiopian project
Cardano became more popular, and the developers made headlines to try to boost the price of the token.
The most ambitious of their projects was to form a partnership between the Ministry of Education of Ethiopia. Cardano’s blockchain was to be used in that agreement, bringing the education system of Ethiopia on-chain.
The blockchain will be used to store student data for the rest of their lives. All stakeholders would have access to the data, which includes potential employers.
Cardano has not made any details public about the project, despite it being announced four years ago. Our emailed message was not answered by either Ethiopia or Cardano.
Cardano also launched another project in TanzaniaConnecting the disconnected to the banking sector. This announcement, like its Ethiopian Project, created a lot of hype. However nothing came out.
Cardano consists primarily of a Ghost Chain
It is not easy to value a blockchain, as we have already mentioned, because unlike stock prices, you cannot use ratios like the price-to earnings (P/E), or price-to sales (P/S).
For a network at layer-1, such as Cardano we can use some data points to assess its worth.
Cardano serves two major roles. Users can first use the ADA token as a payment method. Many people choose stablecoins, like Tether, USD Coin, and USD Coin, to achieve this, since they’re not volatile.
Decentralized Finance (DeFi) is also used to help developers launch new projects. Decentralized Finance, or DeFi (Decentralized Financing), has emerged as one of their most important use cases. Cardano is a project that has only just begun. $182 million In total, there are 20,500 addresses with active value locks (TVL).
Arbitrum is a layer-2 blockchain with over $2.6 Billion and 366,000 addresses. Arbitrum ARB’s market capitalization is only $1.7 billion. It’s the same with chains such as Blast, Avalanche and Polygon.
Cardano is not popular, as can be seen by its ecosystem. MinSwap is its largest DEX and has more than $48 million TVL. According to CoinMarketCap it only handled about $126,000 SundaeSwap only handled x volume of transactions in the last 24 hours. SundaeSwap is the only company that handled SundaeSwap. $41,000 in volume.
Liqwid is Cardano’s largest lending marketplace. It has assets of just $27 millions and the activity on its network isn’t very strong.
Cardano is the least stable, with only 13 million dollars in stablecoins. This figure is much lower than that of other currencies. chains. Tron The combined volume of stablecoins for Ethereum and bitcoin is over 130 billion dollars.
It is the same in other sectors of the crypto-industry. Cardano, for example, sold $34,000 worth of NFTs in the past 24 hours while Ethereum’s NFT sales totaled $3.8 billion. Cardano’s market capitalization has increased by a factor of 30 in the last thirty days. NFT sales stood Just $1 Million.
Cardano is not a part of the gaming, meme coin or metaverse industries, as Solana and Base are.
The following are additional ways to help you: data shows Cardano does not make any money. Cardano is not listed in the top 100 most profitable crypto companies this year. Base, Athena, Convex Finance, among others, have all beaten Cardano.
Cardano, the most important ghost chain in existence, is valued at $11 billion.
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