The digital currency market faced a downturn, with Bitcoin hovering around $66,000 and altcoins drowning in red, but Cardano (ADA) is dealing with unique challenges. As smart contract functionality came to Cardano in late 2021, expectations were high, yet the network has been slow to foster popular applications, and its native coin’s value remains under a dollar. Charles Hoskinson, Cardano’s founder, is a focal point for rebuke, as he’s perceived to indulge in global jaunts and distractions while the ADA project languishes.
Cardano’s Slow Progress
The development pace of Cardano’s network disappoints its followers, failing to draw a significant number of developers. Even the much-anticipated stablecoin DJED hasn’t made the splash expected to cut down ADA’s circulating supply. The collective efforts of the team, from Hoskinson to the developers, seem inadequate, casting a shadow on the project’s prospects.
Market Position and Price Trajectory
Despite the gloom, the number of network wallets rose from 533,000 to 618,000, buoyed by new investors and airdrop excitement. Notably, Solana‘s daily active users have hit 800,000, showcasing the relativity of success. ADA’s price, while once battling to stay above $0.7, has slumped to $0.66, shedding recent gains and dampening investor spirits.
The immediate forecast for ADA is grim, with analysts watching for further dips if the coin falls below $0.63 in the near term. The $0.58 and $0.48 levels are seen as critical supports. Furthermore, a BTC drop below $65,000 might amplify risk aversion among ADA investors, potentially exacerbating the coin’s plight.