LunarCrush, the renowned social and market activity analysis platform, took to Twitter to make a groundbreaking announcement.
In a recent tweet, LunarCrush revealed that Cardano, the highly acclaimed cryptocurrency, has soared to new heights, securing the coveted AltRank™ 1 position.
This remarkable achievement places Cardano at the forefront among a staggering 5,230 coins in the market.
LunarCrush’s AltRank™ system combines the power of social media engagement and market activity to gauge the relative popularity and performance of various cryptocurrencies.
As a result, Cardano’s impressive ascent to the number one spot is a testament to its immense appeal and widespread recognition in the crypto community.
This significant development comes as no surprise to avid followers of the cryptocurrency space. Cardano, often hailed as a pioneer in blockchain technology, has garnered substantial attention for its innovative features, including its unique proof-of-stake consensus mechanism.
However, with Cardano’s rise to AltRank™ 1, the cryptocurrency has firmly cemented its status as a force to be reckoned with in the ever-evolving landscape of digital assets.
Despite this, Cardano (ADA) has recently experienced a significant bearish price movement, causing concerns among investors.
This decline of approximately 30% can be attributed to ongoing lawsuits by the U.S. Securities and Exchange Commission (SEC) against two major exchanges, Binance and Coinbase. The regulatory body claims that several coins, including ADA, have security-related issues.
However, in the daily chart, ADA has successfully rebounded and is currently demonstrating a promising and significant surge of approximately 8.4%. Its current trading price stands at $0.2827.
The SEC’s allegations have sparked a heated debate within the crypto community. Attorney Bill Morgan raised an important question, questioning why the SEC views ADA as a security.
He drew a comparison to the history of smartphones, explaining that improving and adding features to a product is a common practice to enhance competitiveness and increase sales.
However, when it comes to cryptocurrencies, such improvements suddenly classify them as securities.
Morgan highlighted the SEC’s argument regarding secondary market sales and offered on Coinbase’s exchange after March 2021. The SEC referred to blog posts from late last year, suggesting that buyers during the period of 2016 to 2021 had an expectation of profits based on the efforts to enhance the Cardano blockchain.
Charles Hoskinson, the founder of IOHK_Charles, expressed confidence that the court would not consider ADA sales or offers as investment contracts or securities.
He emphasized that the financing for Cardano took place in Japan, with ADA being launched as an airdrop in 2017, two years after the voucher sale. Hoskinson cited these facts to challenge the SEC’s claims.
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