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Cardano Ecosystem

Cryptonewsz

03/12/2024

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Cardano: Potential powerhouse or overhyped promise?

Cardano is among the top 20 cryptos across the globe in terms of both market capital and 24-hour volume. Its native token, ADA, has gained momentum at 0.91% in the last 24 hours and is testing resistance at...

Cardano: Potential powerhouse or overhyped promise?
Cardano Potential powerhouse or overhyped promise

Cardano is among the top 20 cryptos across the globe in terms of both market capital and 24-hour volume. Its native token, ADA, has gained momentum at 0.91% in the last 24 hours and is testing resistance at $0.7455 at the time of writing this article. Cardano, nevertheless, remains at the center of the stage, for its ecosystem is often questioned about the future.

The article reviews that same question to answer it with developments in the Cardano ecosystem.

Cardano’s Rise to Popularity

Cardano has risen in popularity, especially in Dubai. The team presented the idea of restricting criminal activities via blockchain technology at the World Police Summit in Dubai. The model revolves around setting integrity and security standards for all initiatives. The Cardano Foundation has already expressed its confidence in the partnership, stating that the blockchain project is better positioned to share criminal investigation data.

Chris O, the founder of the Cardano GhostFund DAO, said that their aim is to provide a tailored blockchain solution for engagements in criminal investigations. This brings real-world applications for the Cardano technology, poised to be adopted by others across the world.

Questions about Cardano’s growth

The first question is about the development activity on Cardano, which has dropped. The topic is discussed because there has been a significant surge in DEX volume amid the rising interest in the network’s growth. Its price has increased by 39.52% in the last 30 days, with a slip of 3.50% in the previous seven days. Also, the 24-hour volume is up by 43.47% as the article is being drafted.

Analysts highlight that DEX volume is a key indicator of adoption. It has been found to be considerably low for the Cardano ecosystem, despite any surge that may appear. It extends to considering if the utility of Cardano is indeed limited.

Next comes the idea of Dead Coins. These are the projects that were mainly launched in the time window of 2020–2021 but have now been found dead or shelved in recent times. The idea behind starting the project or the coin could have been to ride the ongoing crypto wave.

Cardano ranked at the top, with 74% of its projects declared dead by AlphaQuest.

Almost 12,000 projects were reviewed for the matter, and 72% of them were found dead. The Terra environment has joined Cardano’s list. The majority of the projects died in 2023, as 60% of the dead coins officially became extinct in 2023. Some of the categories that housed dead projects are music and video games. The big question that arises is whether the Cardano ecosystem is better suited for the future.

Cardano’s Future: Hype vs. Reality

Cardano can overcome the challenges. There is a future for ADA itself, for the token is estimated to surpass $1 by the end of this year or the next year, which is 2025. Bullish sentiments will drive the native token. That will, in turn, drive the ecosystem, especially with a partnership like that with Dubai in mind.

There could be a slight hype about the future of Cardano, considering the community is excited to see the token rise; however, that must uphold the fact that a strong community of developers and users backs Cardano. The blockchain pilot project in Dubai can trigger a series of adoptions across the world.

In Summary

Keep an eye on how ADA performs on the graph. It will better reflect the future of Cardano. There are fluctuations expected, but they will be all good to deal with as the resistance margin keeps rising.

Photo of Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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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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