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Cardano (ADA), the eighth largest crypto asset by market cap, is still in the red. Over the past seven days, ADA has lost 6.3% of its value.
Buy ADA now at eToro
- Cardano continues to crash
- UniSwap outperforms ADA in terms of average daily transactions
- However, crypto enthusiasts remain positive about Cardano
Currently (as of this writing), the asset is trading at $0.43, according to Coingecko. However, it is still in the top 10 digital assets thanks to its market cap of almost $14.7 billion.
Notice
However, this high market cap is not enough to prevent some negative reviews and forecasts regarding the cryptocurrency.
In fact, Evan Van Ness, a known die-hard fan and Ethereum optimizer, claims that ADA, created by Hong Kong-based Input-Output (IOHK) led by Ethereum co-founder Charles Hoskinson, is already on the verge of death. and it will soon turn into a “zombie chain”.
“Let’s look at the $ADA zombie chain 🧟⛓️.
Not only does Cardano do less than one transaction per second…
Uniswap does much more transactions than Cardano”
Let’s check in on the $ADA zombie chain 🧟⛓️
Not only does Cardano do less than one transaction per second…
Uniswap does much more transactions than Cardano pic.twitter.com/wg0fNoFPck
— Evan Van Ness 🦇🔊 (@evan_van_ness) September 29, 2022
ADA is losing momentum
Aside from his belief that Ethereum is the best cryptocurrency out there, Ness has some scary information about Cardano that could spell its immediate future.
The ADA network currently thrives on an extremely low transaction count of less than one transaction per second. That’s less than other smaller cap assets.
For example, UniSwap only has a market cap of $4.9 billion but it beats Cardano on the seven-day average of daily transactions.
This is surprising considering that UniSwap has a much higher number of daily fees. It is currently $1 million, compared to $10,000 for ADA.
What’s coming to Cardano?
While Ness is very negative about a crypto asset breaking through, some are still positive about its future.
For example, Coin Quora, armed with the results of its price monitoring for Cardano, says: ADA will see a bull run and end the year at a price of $12. By 2023, the rate will even rise to $18.
However, by 2025, the cryptocurrency will change hands at much lower prices due to price corrections.
Analytics Insights estimates the value of Cardano at $3.81, between $3.68 and $4.38. Both prices are well above the current value of $0.43.
It remains to be seen if there is any truth to the claims made by Ethereum maximalists. ADA’s past performance doesn’t give much hope, to say the least.
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Text credit: Newsbtc
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