The Cardano (ADA) price is currently struggling and has dropped out of the global top 10 crypto rankings. ADA is trading just above $0.50, down nearly 3% on the day. Despite a recent rebound, ADA has failed to push back above its 21DMA, leading to increased sell pressure. While ADA’s market cap is around $17.8 billion, it ranks as the 11th largest crypto, falling behind Toncoin (TON) and Dogecoin (DOGE). ADA is up 25% from recent lows but remains down over 20% monthly and more than 15% yearly. In comparison to other major cryptos, ADA has seen a decline in recent months, with Bitcoin (BTC) up 57%, Ether (ETH), BNB (BNB), and Solana (SOL) up between 40-100%.
Cardano is facing challenges in attracting real-world adoption, as evidenced by on-chain metrics. The blockchain has a total value locked (TVL) of just $416 million, while Solana, one of its competitors, has over $10 billion locked. Additionally, Cardano ranks 24th in TVL despite being the 11th largest crypto by market cap. Daily transaction counts for Cardano are also low, with rarely over 100,000 transactions per day, compared to Bitcoin’s 300,000 – 750,000 daily transactions. As a smart-contract-enabled blockchain, Cardano aims to house a vibrant web3 ecosystem, but it falls behind Ethereum and Solana in transaction volume.
Critics of Cardano refer to it as a “ghost chain” due to its struggles in attracting adoption and low transaction volumes. There is concern that Cardano may continue to fall behind major peers in the cryptocurrency space without significant adoption growth. While the ADA/BTC exchange rate could fall back to its late 2019/2020 lows, the ADA price may struggle to push above $1 in the current bull market without faster adoption. However, Cardano has several ambitious projects in development, and their success could potentially change the blockchain’s fortunes in the future.
Investors seeking greater upside potential may consider presale investing in web3 projects and protocols. These projects often offer native tokens at a discount in early rounds to raise funds for development. One project gaining traction is Mega Dice Casino, a well-established crypto casino launching a presale for its utility token DICE. Presale investors can potentially earn significant gains, such as 10x or more, if the project succeeds in the market. DICE holders receive cashback benefits on wagers and can generate passive income through staking. Mega Dice Casino is close to raising $500,000, with a DICE price increase expected when the $1 million milestone is reached. However, investing in crypto carries high risk and does not constitute investment advice.
