Cardano
Is Cardano DEAD? Cardano price at $0.60, Buy NOW?
Cardano’s ADA token has fallen again as part of the overall market crash and is now priced around $0.60. Can the cryptocurrency be bought cheaply at the moment? Is Cardano worth buying or is Cardano dead? In this article, we discuss the latest developments at Cardano and whether the price of the ADA token can recover in the coming months. Read here whether an investment is worthwhile!
What is Cardano?
Cardano is a blockchain network characterized by technical excellence and a scientific approach. It was founded by Ethereum co-founder Charles Hoskinson and looks forward to being further developed by scientists. The team of developers examines the weaknesses of other blockchains according to scientific standards and further develops its own blockchain according to evidence-based standards.
Cardano uses the effective Proof-of-Stake consensus mechanism and is characterized by a combination of scalability, security, and decentralization. Cardano’s network token is the ADA. The ADA can be bought and used for staking in the Cardano network.
How will the price of the ADA token develop in 2022?
The ADA token experienced a new all-time high of over 3 dollars in September 2021. Unfortunately, since this all-time high, things have been going downhill for ADA. This was mainly due to the weakness of the overall market, but also to the hype surrounding Avalanche and Solana.
While the ADA price already lost value in the fourth quarter of 2021, the ADA price continued to fall in 2022. In the first quarter of 2022, the ADA fell below the $1 mark. The ADA lost about 70% of its value from the all-time high. In the last big crash, the ADA lost again. Surprisingly, the losses were not as big as other cryptocurrencies as ADA was already coming from low levels.
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Is Cardano good to buy right now?
When we see a drop in cryptocurrencies, most investors are shocked and wonder if their previous investment made sense. But smart investors know that a crash presents an opportunity to buy a cryptocurrency cheaply. So is it worth buying Cardano (ADA)?
What is the status of the Cardano network?
The losses at Cardano usually do not tell the complete story. Because the blockchain network is constantly growing. Most recently, the adaptation of Cardano reached a record high. According to a report by CryptoCompare, the number of Cardano addresses has increased massively in the last month.
A total of 529,000 new addresses were added to the network in March, and another 679,000 in April. This brings the total number of addresses to 5.2 million. The number of short-term traders, on the other hand, fell 45% to 377,000. That could lead to greater price stability in Cardano’s future.
This good network data is always in contrast to the price development of the ADA token. However, this data suggests that higher prices are very likely again in the long term. A fall from the top 10 cryptocurrencies also seems very unlikely in the coming months and years.
Should I Buy Cryptocurrencies Now?
A sharp drop in the market always offers excellent opportunities to buy cryptocurrencies. The Cardano in particular seems to be extremely cheap at the moment at $0.65. With no other coin, with the possible exception of bitcoin, is the long-term security for growth as high as with Cardano (ADA).
An investment in the ADA therefore makes a lot of sense at the moment. In the next few years, the ADA could soon revisit its all-time high of $3. A value of 10 dollars seems possible at this time. Many fans and optimists even assume that Cardano’s ADA could even reach a price of $100 in the future.
You can also purchase Bitcoin and other coins on the crypto exchanges Coinbase and Kraken .
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Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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