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ADA Price Continues Tumble As Cardano Prepares Chang Update

Cardano (ADA) is in the doldrums, as ADA price underperforms ahead of Charles Hoskinson's highly awaited Chang update.

By Isaiah Mccall

Last Updated: Jul 23, 2024

Fact checked

By Sam Cooling

Cardano (ADA) is in the doldrums, as ADA price underperforms ahead of Charles Hoskinson's highly awaited Chang update.

Cardano (ADA) is in the doldrums, with recent Santiment data revealing the bleakest bearish sentiment in over a year. Traders are bailing, and not even the upcoming Chang hard fork, which aims to overhaul decentralized ownership, can lift the mood.

Meanwhile, the complaints continue: Charles Hoskinson seems more invested in everything but Cardano’s progress.

(X)

To be fair to Hoskinson, it’s not like every crypto creator dedicates all their time to their project (maybe Gavin Wood? But that’s it)

Cardano’s star is fading fast. Once a beacon of technical prowess, it barely holds onto CoinGecko’s top 10 by marketcap, trailing embarrassingly behind Dogecoin and Troncoin.

So, what’s next for ADA?

Cardano: First You Have to Break Them Down…

Investors have two major concerns for Cardano:

  1. Nobody uses Cardano. Users believe the tech will mature “soon,” just like Charles always promises, even though it’s been like this for the past ~6 years.
  2.  ADA investors often buy basket of all L1s, including 2017 ethkillers like EOS, Polkadot, NEO etc. but many of these have not outperformed ETH since 2021.

The truth of the matter is you won’t turn $1,000 into $1,000,000 anymore for most crypto projects.

Bitcoin will do a 2-3x from here, which is fine if you’re ok with small gains. The big gains will come from altcoins and billions via ETFs, yet even altcoins are slowing down.

(ET)

YES, we will see “alt season” soon, but because the crypto market is seeing one million tokens created each month, this money is being spread thin, with only a few coins receiving the lion’s share.

These all go into Bitcoin, but when people sell their Bitcoin and alt season begins, the money will flow into alts. Many of the top 100 coins can do 10x or better from here, but as this market matures, if your project doesn’t truly stand out, if it doesn’t have mainstream appeal, Wall St. appeal, institution appeal, or even memetic appeal, it will only keep bleeding.

…To Build Them Back Up AGAIN

It’s not all bad.

Compared to every other chain, Cardano is still the most decentralized and secure—much more so than Solana or Telegram’s Toncoin. Do people care about that? I guess we’ll see.

Cardano is also about to roll out its decentralized governance, which no other chain has even attempted yet through the Chang hard fork.

Unpopular opinion, but Cardano is much safer than Eth and Solana.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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Disclaimer
Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Isaiah Mccall
Isaiah Mccall
Crypto Analyst

Isaiah McCall is an ultramarathon runner and journalist for 99Bitcoins. He started at USAToday in 2019 and now has a Medium blog following of 30k+ and millions of views. Follow him at @AfroReporter Read More

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