As the cryptocurrency industry evolves, many of its assets are fighting to keep their place under the spotlight, including Cardano (ADA), which a popular crypto influencer has speculated might be dead, triggering a swift response from the Cardano founder himself.
Indeed, Ben Armstrong a.k.a BitBoy Crypto has recently compared Cardano’s performance with that of other networks, arguing that they are “blowing up and getting a lot of recognition and your average person out there (…) can’t name three projects on ADA,” in a video streamed on April 6.
According to him, this is happening because:
Picks for you
“The money and the price action is better on some of these other chains and they’re getting more usage so if you’re on an exchange and there’s more usage, that means there’s more liquidity, it means you’re saving on fees, and price impact and slippage and things like that.”
Institutional money
On top of that, Armstrong argued that another big reason for Cardano’s perceived underperformance is the lack of institutional money “because so much of the liquidity is locked up in the staking and, as long as it stays that way, people aren’t going to be able to put big money in.”
“I think the markets are telling us that very clearly – look at where the big money is and look at where it’s going, it’s TradFi coming in and it’s getting spread around and ADA is getting left out. It doesn’t mean it can’t still have a great bull run. What it means is it’s going to be limited and it’s going to be capped until the big fish are able to come in and get their fill.
Cardano founder’s comment
In response to BitBoy Crypto’s video, Cardano founder Charles Hoskinson expressed disappointment, stating that Armstrong “was always friendly in person to me,” and adding that it was “sad to see him go down this road,” but still ending on a positive note, saying he “wish him well and hope for the best.”
Cardano price prediction
Meanwhile, Cardano is experiencing a “lull in whale activity,” according to the recent observations by crypto trading expert Ali Martinez, which represents a bearish signal suggesting further price consolidation or “an impending drop” for ADA, as Finbold reported on April 6.
Cardano price analysis
For now, Cardano is changing hands at the price of $0.603, suggesting a slight recovery of 2.01% in the last 24 hours, from the loss of 5.19% in the previous seven days, and after dropping 18.34% across the past month, according to the most recent charts on April 8.
Ultimately, making a definite ADA price prediction is near-impossible, which is why it is important to do one’s own research and keep up with any Cardano news to try and get an idea of where the price of Cardano might move in the near future.
Watch the entire video below:
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
