Cardano has consistently remained one of the largest cryptocurrencies within the business with the worth of its native ADA coin following the crypto market rally. However, it has not carried out in addition to different cryptocurrencies regardless of its marked reputation amongst traders. Given this, crypto pundit Ben Armstrong, popularly often known as BitBoy, has shared his views on why the community is struggling.
Cardano Struggles Through Misinformation
One of the issues that the crypto analyst mentioned that Cardano has run into over time is the truth that there was misinformation. A variety of instances, Cardano has been topic to FUD (Fear, Uncertainty, and Doubt) particularly in terms of its decentralized finance (DeFi) capabilities.
The community is actually taking part in catch-up in terms of DeFi because the likes of Ethereum and Solana enabled this potential years earlier than Cardano. However, the community has seen vital progress because it first introduced sensible contract capabilities again in 2021.
Armstrong explains that lots of FUD have additionally been directed on the founder Charles Hoskinson whose involvement with Ethereum as one of many co-founders within the early days is usually referred to as into query. But opposite to widespread perception, the analyst believes that Hoskinson’s involvement with Ethereum truly helps to spice up the credibility of the Cardano network.
Hoskinson has additionally been topic to allegations of being a scammer, in addition to the Cardano community being “finished,” amongst different fascinating allegations, in addition to its native ADA token being known as a stablecoin. The final half takes a jab at the truth that the ADA price has not moved a lot within the final yr.
However, Armstrong explains that Cardano boasts one of the crucial decentralized token distributions in all the crypto business. “Currently, over 60% of the supply is staked and during the bull market, the number was well over 70% on a regular basis,” he said. This makes the coin a horny selection for traders.
ADA value at $0.61 | Source: ADAUSD on Tradingview.com
ADA Community Similar To XRP Community
Armstrong has been vocal about his assist for the XRP group which he believes is the strongest group in crypto. Then arising behind the XRP group, the crypto analyst believes that the Cardano group is the second-strongest within the business.
In addition to this, Armstrong calls ADA “one of the most consistent performing coins in the history of crypto.” ADA, by itself, has managed to carry out extremely nicely in every bull market since its inception. During the 2020-2021 bull market, the ADA price would go from round $0.02 to over $3 earlier than correcting again downward.
Presently, the ADA price is trending at $0.61, rising roughly 143% within the final yr alone. With a market cap of $21.7 billion, it’s presently the eighth-largest cryptocurrency by market cap.
Featured picture from Crypto News, chart from Tradingview.com
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