The Cardano (ADA) price is currently facing challenges as it drops out of the global top 10 crypto rankings. ADA is currently trading above $0.50, down by 3% for the day. Despite a 25% increase from recent lows, ADA is still down over 20% monthly and more than 15% yearly. Other major cryptocurrencies like Bitcoin (BTC), Ether (ETH), BNB (BNB), and Solana (SOL) have shown significant growth in the past 90 days compared to ADA.
One of the major issues faced by Cardano is its struggle to attract a real base of crypto users. The blockchain has a total value locked (TVL) of only $416 million, significantly lower than its competitors like Solana, which has over $10 billion locked. Additionally, Cardano ranks 24th by TVL despite being the 11th largest by market cap. Daily transaction counts for Cardano also paint a grim picture, with the blockchain rarely seeing over 100,000 transactions per day.
When compared to other smart-contract-enabled blockchains like Ethereum and Solana, Cardano falls short in terms of daily transactions. Ethereum typically sees over 1 million daily transactions, while Solana sees 15-30 million. This discrepancy has led to Cardano being referred to as a “ghost chain” by critics.
Unless Cardano can address its challenges with adoption and user base, it is likely to continue to struggle in keeping pace with its major peers. While the ADA price may not necessarily fall in USD terms, it may face difficulties pushing back above $1 in the current bull market. However, the blockchain has ambitious projects that could potentially turn its fortunes around if they gain traction among users.
For crypto investors looking for investments with greater upside potential, presale investing in Web3 projects and protocols is worth considering. Projects like Mega Dice Casino are offering presales of utility tokens at early bird discounts, which could result in significant gains for early investors. DICE holders can benefit from cashback rewards, passive income through staking, and exciting airdrop opportunities.
Cardano’s current struggles with adoption and user base pose challenges for its future growth and market performance. However, with the rise of innovative projects and potential shifts in user behavior, there is still room for improvement and opportunities for growth in the decentralized finance sector. Investors should carefully evaluate the risks and rewards involved in investing in cryptocurrencies and conduct thorough research before making any investment decisions.
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