Crypto Analyst Lists Reasons Why Cardano (ADA) Will Not Do Well In The Bull Market
October 23 2023 - 11:00AM
NEWSBTC
Many crypto analysts have a list of crypto tokens that they expect
to make a run when the bull market returns. Sadly, Cardano (ADA)
hasn’t made the list as crypto analyst Lady of Crypto has outlined
five reasons why the crypto token will not perform well during that
period. Cardano’s Flaws Might Be ADA’s Downfall In a video posted
on her YouTube channel, the first reason she stated was that
Cardano had a slow development pace and that it could not thrive in
a fast-paced crypto industry. She alluded to the time when the
blockchain network experienced a delay in the Vasil hard fork and
other times when there have been network congestions and an
increase in transaction fees. Related Reading: New SHIB-Based
Token On The Way? Shiba Inu Team Member Shares Important Update
According to her, Cardano is going to continue to fall behind its
competition until one day when the network becomes “insignificant.”
Secondly, Lady of Crypto mentioned that no one was using the
Cardano blockchain. She used data from the crypto analytics
platform DefiLlama to drive home her point. Her assertion was based
on the daily active users, protocols built on the network, and
network’s total value locked (TVL), of which Cardano ranked 13th,
30th, and 15th, respectively, at the time of her making the
video. While these rankings might not be bad, she noted that
it is bad for Cardano, which positions itself as one of the
“blue-chip cryptos” as it suggests that it is
underperforming. The third reason seemed to relate to her
first reason, as she noted that Cardano was slow and expensive
compared to its competitors. She noted that Cardano’s average
transaction speed is 20 seconds, which is slower than other
networks like Ethereum, Solana, Arbitrum, Polygon, and Avalanche.
Transaction fees on the network are also expensive compared to
those other networks. ADA recovers to $0.26 | Source: ADAUSD on
Tradingview.com Cardano Is Overhyped The Lady of Crypto went on to
the fourth reason, where she stated that the network was overhyped,
and although the adjective may be subjective, she doesn’t believe
that applies in this case. She noted that Cardano has a
partnership with McCann Dublin, a global advertising and marketing
agency, which has helped to bring about this “manufactured hype”
alongside the help of the network’s “cult following.” She suggested
that all this hype was just talk, as there was no substance to back
it up. Related Reading: Why This Renowned Finance Author
Believes Bitcoin Is Headed To $135,000 The last reason is the fact
that Cardano doesn’t seem to have any real-world adoption. Although
the blockchain company has at different times announced
partnerships with governments and institutions, the tangible
results of these partnerships are non-existent.” Despite her
position on ADA, the Lady of Crypto, at different times, showed her
respect for Cardano’s founder, Charles Hoskinson, and mentioned
that she was down to have a chat with him where he rebuts her
stance on the network’s ecosystem. Featured image from U
Today, chart from Tradingview.com
Polygon (COIN:MATICUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Polygon (COIN:MATICUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024