Cardano (ADA) Struggling to Rise Above $1.40 as Hoskinson Teases Upcoming Plans
Cardano may be on the verge of a major breakthrough, but it has been unable to break past $1.40 despite a recent surge in support from investors and analysts alike. Hoskinson suggested his team is working towards a solution that could see Cardano rise above its current price within weeks or months, potentially solving ADA’s stagnant market situation.
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Cardano (ADA) is struggling to rise above $1.40 as Hoskinson teases upcoming plans. Cardano was the first cryptocurrency to launch on the Ethereum network, but it has struggled to gain traction in recent months. Read more in detail here: cardano news.
Cardano’s native cryptocurrency, ADA, moved to third place in market capital rankings last year, preparing to take on Ethereum. This was before the drop, which saw the token gradually lose ground and, as a result, its position. ADA has lost its crown by the fourth quarter of last year, falling to fifth position before finishing the year in sixth place behind Binance Coin and Solana.
This slide has been nothing short of brutal and disappointing for long-time Cardano holders. The Cardano community, on the other hand, has been ecstatic in recent days, believing that 2022 will be the year that ADA begins to take off. In addition to promising a slew of new innovations, Cardano’s inventor Charles Hoskinson also made some encouraging statements.
Here’s a rundown of the most recent Cardano news, including the anticipated advancements.
In 2021, Cardano was named the most developed crypto project on GitHub.
According to statistics from on-chain data analytics company Santiment, the Cardano ecosystem scored top among cryptocurrencies on GitHub in terms of development activity last year. With an average of 53 daily donors, Cardano just beat out Kusama and Polkadot for second and third position, respectively, with Ethereum in fourth place far behind.
Santiment found that development effort has little to no influence in the present market, based on data from public GitHub repositories and eliminating non-develop activities like comments and release downloads. Santiment, on the other hand, highlighted that the activity was an excellent measure of project success since it showed monthly progress toward a decent functional product that was simplified to the long-term objective.
Hoskinson sets forth an intriguing Cardano strategy for this year.
Charles Hoskinson, the creator and CEO of IOHK (the foundation behind Cardano), has put out some objectives for the cryptocurrency’s development this year. Hoskinson initially indicated how DeFi projects have been subject of hacking incidents, resulting in damages reaching over $10.5 billion in 2021, in a YouTube broadcast aired on Christmas Eve.
The techpreneur also indicated intentions to develop an official open-source framework for Cardano, citing the network’s growth to over two million members. He also discussed intentions to establish a financial operating system by the end of Q2 this year, with the goal of assisting African nations with DeFi services.
Hoskinson most recently posted an instructive vlog on January 2. He outlined intentions to create an enhanced UTXO smart contract architecture that would fall somewhere between the UTXO and the Virtual Machine (EVM) systems used by Bitcoin and Ethereum.
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Cardano will not need venture capital, according to its inventor.
Hoskinson recently used Twitter to demonstrate Cardano’s progress, claiming that it would not need VC funding since it has developed one of the biggest treasuries.
Cardano’s CEO chastised Silicon Valley in a YouTube video on New Year’s Day, questioning the propensity of rushing to break things, which he said was the source of the $10.5 billion in DeFi losses saw last year. He emphasized that Cardano had chosen a methodical and methodical approach.
Most VCs, according to Hoskinson, don’t comprehend Cardano and don’t realize it’s more of a community than a single project. He questioned skeptics of Cardano’s progress, pointing out that it has the most commits on GitHub.
In a YouTube video posted last Monday, Hoskinson discussed decentralized applications and the Cardano DeFi Alliance. He advised developers to adopt long-term ambitions while developing protocols in the video, claiming that many of the existing DeFi initiatives would not last more than five or 10 years.
Revuto, a Cardano dApp, has launched a native coin on KuCoin and Gate.io.
Revu became the first Cardano asset to be listed on centralized exchanges KuCoin and Gate.io on Tuesday, with trading anticipated to commence on January 7. The essential payment dApp will now have access to the billions of dollars in liquidity available via the tier-1 centralized exchanges that are expected to participate.
The Revuto app has a subscription management feature that allows users to manage numerous subscription payments. With a simple click of a button, users may subscribe or unsubscribe to a utility, and all payments need authorisation to prevent any unwanted charges. REVU will expand activity on the two CEXs as a utility token, as proven by the huge increase it has had in the four months since its debut.
Market performance of Cardano (ADA)
Cardano’s ADA suffered one of the worst trading days of the year, plummeting to a multi-week low of 1.28 on December 31. It did, however, rebound into the New Year, closing in on $1.40 on January 2nd.
7-day trading activity in ADA/USD
The token price has been on the decline since then, and the once-hyped ‘Ethereum-killer’ does not seem to be it, based on its plummeting value. Based on recent market action, speculative investors and hodlers may want to consider purchasing ADA. Its worth will undoubtedly rise in the future as a result of the exciting prospective advancements, despite the fact that this hasn’t always been the case.
However, it is difficult to predict how far Cardano will go in the long run. Nonetheless, fans have fresh hope that it will return to its previous heights.
Visit our Investing in Cardano guide to learn more about this coin.
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The “cardano price prediction 2030” is a cryptocurrency that has been struggling to rise above the $1.40 mark. Charles Hoskinson, the founder of Cardano, teased upcoming plans for the currency on Twitter and Reddit.