Many have speculated that the mainnet token ADA will become extremely popular, causing its price to rapidly increase, as a result of the impending Cardano upgrade. The former occurred, but the latter did not. During this period of general market weakness, it appears that investors are not prepared to back initiatives that compete with Ethereum.
Putting upbeat projections in their proper context
Everyone’s efforts and work were completely wasted on the Ethereum merging. Investors who provide funding for layer 1 and layer 2 networks were expected to pay closer attention as a result of this event. The merger may have made matters worse for Ethereum, as the cryptocurrency lost more than 12% in value over the subsequent six hours.
Although this was a worrying omen, many Cardano supporters held out hope that Ethereum’s demise would boost their cryptocurrency. The Vasil hard fork promises to offer more scalability options and functionality to the mainnet, but the TPS gain appears to be fairly tiny, and the potential to put more transactions into a single block isn’t all that intriguing for those outside the tech geek bubble.
However, the sheer volume of attention that tokens acquire thanks to influencers and pumpers on social media frequently helps them advance up the ranks and attract additional investors. Nothing of the sort occurred this time. Despite providing some novel and intriguing improvements, Cardano’s performance appears to have plateaued.
Is Cardano finally ready to make waves?
Many potential backers wonder if they should put their money into Cardano because of concerns about its ability to meet their needs in the near term. It appears that the answer is “no.” Despite occasional periods of insight and optimism, the asset’s market performance has been largely dismal.
Stranger still, despite the meteoric rise in Cardano’s social media and Google search activity, the cryptocurrency’s market situation has not improved. The popularity of point-of-sale systems is proving to be less than anticipated.