Cardano has consistently remained one of the largest cryptocurrencies in the industry with its native coin ADA price following the crypto market rally. However, it has not performed as well as other cryptocurrencies despite its high popularity among investors. Given this, crypto expert Ben Armstrong, better known as BitBoy, shared his views on why the network is in trouble.
Cardano fights against misinformation
One of the problems that crypto analyst mentioned What Cardano has encountered over the years is the fact that there has been misinformation. Quite often, Cardano has been subject to FUD (fear, uncertainty and doubt), particularly regarding its decentralized finance (DeFi) capabilities.
The network is really catching up when it comes to DeFi, as Ethereum and Solana enabled this capability years before Cardano. However, the network has seen significant growth since it first announced smart contract capabilities in 2021.
Armstrong explains that a lot of FUD was also directed at the founder Charles Hoskinson whose involvement with Ethereum as an early co-founder is often questioned. But contrary to popular belief, the analyst believes that Hoskinson’s involvement in Ethereum actually helps strengthen the credibility of the Cardano network.
Hoskinson has also been the subject of scam allegations, as well as the Cardano network being “terminated,” among other interesting allegations, as well as his native ADA token being referred to as a stablecoin. The last part criticizes the fact that the price of ADA has not moved much over the past year.
However, Armstrong explains that Cardano has one of the most decentralized token distributions in the entire crypto industry. “Currently over 60% of supply is staked and during the bull market this figure regularly exceeded 70%,” he said. This makes the coin an attractive choice for investors.
ADA price at $0.61 | Source: ADAUSD on Tradingview.com
ADA community similar to the XRP community
Armstrong expressed his support for the XRP community which he believes is the strongest community in crypto. Then, behind the XRP community, the crypto analyst estimates that the Cardano community is the second strongest in the sector.
On top of that, Armstrong calls ADA “one of the most successful coins in crypto history.” ADA, single-handedly, has managed to perform incredibly well in every bull market since its inception. During the 2020-2021 bull market, ADA price would rise from around $0.02 to over $3 before returning lower.
Currently, ADA price is trading at $0.61, up approximately 143% in the last year alone. With a market capitalization of $21.7 billion, it is currently the eighth largest cryptocurrency by market capitalization.
Featured image from Crypto News, chart from Tradingview.com
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