- TON flipped ADA to become the ninth-largest asset by market cap.
ADA plunged 15% in the last month, and barely recorded any noticeable increase since 2024 began.
The market capitalization rankings of cryptocurrencies, with Cardano [ADA] included, were in danger of relegating it from the top 10.
Another coin surpassed Cardano
Telegram-associated Toncoin (TON) experienced a significant surge of 16% within the past day, pushing its market capitalization above Cardano’s, according to CoinMarketCap’s latest figures. Previously, Dogecoin (DOGE), the popular meme coin, had surpassed Cardano in terms of market worth.
Observers took notice of ADA‘s consistent appearance in market rankings, leading some to speculate that Avalanche (AVAX) might eventually surpass it.
Cardano sees FUD, supporters defend
Over the past month, criticism against ADA has grown more frequent due to its disappointing price trend. The coin declined by approximately 15% during this period and hasn’t shown significant improvement since the beginning of 2024.
Criticism and mocking remarks, including from notable figures such as Arthur Hayes and crypto exchanges like Gemini, were directed towards the subpar results.
The Cardano community has vigorously refuted these points each time they’ve been raised. Most recently, the debate over TON outpacing Cardano sparked a forceful response from an ardent community supporter named ADA Whale on X.
In simpler terms, ADA Whale pointed out that there is a significant disparity between the degree of decentralization in the two projects. The top 10 TON holders possess approximately 60% of the total supply, while the top 10 Cardano holders only control about 8.96%.
A supporter added to the conversation, challenging the perceived undervaluation of traits such as affordability and reliability that Cardano offers. In contrast, they suggested, Solana (SOL) has been experiencing issues with failed transactions.
Read ADA’s Price Prediction 2024-25
What’s the ground reality?
Despite their vigorous efforts to defend it, ADA has had a hard time gaining support from major cryptocurrency investors. As per AMBCrypto’s interpretation of Santiment’s statistics, there has been a noticeable decrease in large transactions ($1 million and above) in the recent past.
Additionally, significant decreases were observed in the populations of important whale groups, implying they might have been disposing of their ADA holdings.
Read More
- JASMY PREDICTION. JASMY cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- Top gainers and losers
- LOKA PREDICTION. LOKA cryptocurrency
- KAI PREDICTION. KAI cryptocurrency
- SCOMP PREDICTION. SCOMP cryptocurrency
- BOO PREDICTION. BOO cryptocurrency
- LUNA PREDICTION. LUNA cryptocurrency
- CTC PREDICTION. CTC cryptocurrency
2024-04-10 04:07