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Cardano Ecosystem

Thecoinrise

04/26/2024

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Community Kicks as Forbes Tags XRP and Cardano “crypto zombies”

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Community Kicks as Forbes Tags XRP and Cardano “crypto zombies”

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It has been a debate contest in the crypto community as disagreements sparked because of the recent research article published by Forbes where high-level cryptocurrencies like XRP, Cardano (ADA) and other high-level crypto assets were labeled ‘living dead’. 

According to the article, the term is used to describe layer-1 blockchains with high market value but limited practical use beyond speculative trading.

One might question why Forbes has the authority to highlight the weaknesses of cryptocurrencies. To be informed, Forbes is a reputable media outlet and often referred to as the “business bible”. It is a US business magazine and has been around since 1917. It is packed with news, articles, and all things related to global business and finance. It has established itself as a reputable and influential publication in the business world.

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Forbes on a critiquing mission 

According to the Business Bible, Ripple Labs, the company behind XRP, is highlighted as a prime example of a crypto zombie. It suggests that despite XRP’s active daily trading volume, its use is limited to market speculation.

Ethereum Classic (ETC) and Algorand (ALGO) potentials were also questioned by the business outlet. On the former, it mentioned that the digital coin made the list due to its significant market value and low network fees and also emerged as a continuation of the original Ethereum blockchain after a hard fork in 2016. 

It further expresses its skepticism surrounding Algorand, which was once considered an “Ethereum killer.” The article points out that the limited utility of Algorand has resulted in low income from transaction fees.

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Everything seemed fine until Forbes dropped the bombshell that Cardano is also on its zombie list. The “financial guru” referred to the project as trading on the popularity of its founder, Charles Hoskinson. It noted a problem regarding Hoskinson’s educational claims. 

However, this turned out to be a surprise to the supporters of Cardano as they argued that the virtual asset’s ecosystem is active and thriving, delivering value and utility that extends beyond mere speculation. They point to the network’s inflows and the ongoing development activities as evidence of its vitality and relevance.

Is Forbes’ speculation on XRP and Cardano right?

Forbes’ comments might seem harsh to those who are part of these communities; however, it is important to remember that the researcher’s views may not always reflect reality and are just one person’s perspective. 

Recently, ADA’s price took a big hit and dropped below $0.5 due to the overall bearish trend in the crypto market. On April 13th, it even went as low as $0.415 per token. Since then, the bulls have been trying to push it back above $0.45, but with mixed success. 

According to CoinMarketCap, Cardano’s market capitalization has dropped to $16 billion and, the crypto asset is ranking as number 10 with a live market cap of $16,684,149,444.

It is no news that ETC and Ripple prices have been wobbling over the past several weeks, causing a good number of their holders to run for cover and diversify into projects with the potential to bolster their flagging portfolios.

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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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