The Cardano (ADA) price has been experiencing a rough patch as it drops out of the global top 10 crypto rankings. Currently trading just above $0.50, ADA has faced a 3% decrease in value. Despite a recent rebound from mid-month lows, ADA has failed to regain its position within the top 10 cryptocurrencies. With its market cap now at around $17.8 billion, ADA ranks as the 11th largest crypto, falling behind Toncoin (TON) and Dogecoin (DOGE). The decline in ADA’s ranking is evident, as it is down over 20% monthly and more than 15% yearly.
One of the major issues Cardano is facing is its failure to attract a substantial user base. On-chain metrics reveal that Cardano has just $416 million in total value locked (TVL). In comparison, the Solana blockchain, one of Cardano’s competitors, has over $10 billion locked. The daily transaction counts of Cardano also paint a bleak picture, with the blockchain rarely seeing over 100,000 daily transactions. This pales in comparison to Bitcoin, which averages between 300,000 and 750,000 daily transactions. Ethereum and Solana, other major players in the blockchain space, have far surpassed Cardano in terms of daily transactions, with Ethereum seeing over 1 million transactions daily and Solana seeing 15-30 million.
Critics of Cardano have often referred to it as a “ghost chain” due to its lackluster performance in attracting users and transactions. The sentiment of failure to achieve real-world adoption is persistent, signaling continued struggles for Cardano to keep up with its peers in the crypto space. While Bitcoin is making strides towards hitting $100,000 this year, Cardano’s ADA/BTC exchange rate could decline to its late 2019/2020 lows. The slow growth of adoption may hinder ADA’s ability to rise above $1 in this bull market.
Despite the challenges Cardano is facing, the blockchain has several ambitious projects that could potentially turn its fortunes around. If any of these projects manage to gain traction and attract users, Cardano’s position in the market could significantly improve. Investors looking for opportunities with greater upside potential may want to explore presale investing in web3 projects and protocols. By participating in presales and securing native tokens at an early stage, investors could potentially capitalize on gains of up to 10x or more.
One project that has caught the attention of analysts is Mega Dice Casino, which has launched a presale of its utility token DICE. With benefits such as cashback rewards on wagers and passive income through staking, DICE holders have the opportunity to secure their investments. The crypto casino is also offering exciting airdrops to reward early presale investors, with the project close to reaching a fundraising milestone of $500,000.
Cardano’s ADA may be facing challenges in the current market environment, but the potential for change and innovation remains high. While the blockchain is struggling to attract users and transactions, the introduction of new projects and protocols could drive growth and adoption. Investors should conduct thorough research and consider the risks involved in investing in the volatile crypto market.
Disclaimer: Cryptocurrency investments carry a high level of risk and individuals should exercise caution when investing. This article is for informational purposes only and does not constitute investment advice. Capital loss is a possibility when investing in cryptocurrencies.