Donald Trump, the US President announced earlier this year a crypto-asset reserve. Cardano was named as one of three crypto assets by President Donald Trump, alongside Solana’s (SOL), and Ripple XRP. Also, the President said that he is a fan of Bitcoin (BTC), Ethereum (ETH) and Ripple’s XRP token. It was a big announcement in the crypto world. The US crypto community had been waiting for a long time for a more friendly environment. Trump may be the answer to those prayers.
Why did President Trump choose Cardano as his new Cardano player?
ADA is one of the blockchain networks that was most active in terms of development. It has multiple innovations which have helped it to become a strong competitor for Ethereum (ETH), and Solana. The project’s recent development activity is a slump.
Cardano’s (ADA) goal is to achieve greater scalability and sustainability. It also aims at interoperability. The project’s features make it an innovative blockchain. Smart contract features of ADA have been quite successful.
The reason President Trump chose ADA to be one of the assets in the crypto reserve might not have had anything to do the development of the project. Trump has stated repeatedly that he wishes to see American projects flourish in the US. Cardano, a US blockchain project, is based on the Cardano platform (ADA). Perhaps its American roots caught President Obama’s attention.
Bad Performance Affects Asset
Cardano has been struggling to get traction in the past few years. The project used to be among the top 10 by market capitalization. ADA, currently ranked 11th by market cap, is the largest crypto project. In September 2021, the asset reached its all-time highest price of $3.09. This was almost four years before.
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The asset has risen by 0.2% on the daily chart and by 49.4% in June 2024 but fallen in all other timeframes. This asset has fallen In the charts for the week, there was a 5.3% increase, whereas the charts for the 14 day period showed a 19.6% rise, while the charts of the preceding month saw a 24.7% growth.
It is possible that the lackluster performance of the ADA chain over the last couple years was due to a lack of development. This poor performance can also be explained by the general bearishness of the crypto markets.
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Source: watcher.guru
