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03/13/2024

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Cardano: Overhyped Promise Or Future Powerhouse? - CMN | Latest Cryptocurrency News Today | Live Crypto Price

Cardano is one of the top 20 cryptocurrencies in the world in terms of 24-hour volume and market capitalization. As of the time this article was written, its native token, ADA, is testing resistance at...

Cardano: Overhyped Promise Or Future Powerhouse? - CMN | Latest Cryptocurrency News Today | Live Crypto Price

Cardano is one of the top 20 cryptocurrencies in the world in terms of 24-hour volume and market capitalization. As of the time this article was written, its native token, ADA, is testing resistance at $0.7455 and has gained momentum at 0.91% over the past 24 hours. Despite this, Cardano continues to take center stage since many people wonder what the future holds for its ecosystem.

The Popularisation of Cardano
In particular, in Dubai, Cardano has grown in favor. At the World Police Summit in Dubai, the team had a presentation about using blockchain technology to limit criminal activity. Integrity and security requirements are the foundation of the model and should be applied to every endeavor. Declaring that the blockchain project is better positioned to share criminal investigation data, the Cardano Foundation has already voiced its confidence in the relationship.

A customized blockchain solution for criminal investigations is what the Cardano GhostFund DAO, founded by Chris O, hopes to offer. Now that Cardano technology has practical uses, it is in a position to gain traction globally.

Concerns over Cardano’s expansion
The first query concerns Cardano’s development activity, which has decreased. The discussion of the subject stems from the notable increase in DEX volume that has coincided with growing interest in the network’s expansion. After declining by 3.50% during the preceding seven days, its price has risen by 39.52% over the last thirty days. As the piece is being drafted, the 24-hour volume is also up 43.47%.

Analysts point out that one important adoption indication is DEX volume. Despite any apparent spike, it has been proven to be rather modest for the Cardano ecosystem. It goes so far as to ask whether Cardano’s usefulness is restricted.

The concept of dead coins is the next. These are the initiatives that were mostly started between 2020 and 2021 but have since been shelved or discovered to be dead. Riding the current cryptocurrency wave may have been the motivation behind launching the project or coin.

With 74% of its projects deemed dead by AlphaQuest, Cardano came in first.

72% of the over 12,000 projects that were examined for the issue turned out to be deceased. Cardano has added the Terra environment to his list. Since 60% of the dead coins legally went extinct in 2023, the majority of the projects died in that year. Video games and music were two areas that had abandoned efforts.

The Future of Cardano: Dream or Reality?
Cardano can overcome the obstacles. ADA itself has a future because the token is predicted to reach $1 by the end of this year or the following year, 2025. The native token will be driven by optimistic thoughts. The ecosystem will then be propelled by it, particularly in light of the cooperation with Dubai.

Given that the community is enthusiastic about the token’s rise, there may be some excitement surrounding Cardano’s future; however, this excitement must not compromise the fact that Cardano is supported by a robust user and developer community. The blockchain pilot project in Dubai has the potential to spark a global wave of adoption.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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