Cardano (ADA), the 8th ranked crypto asset in terms of market capitalization, remains in the red as it loses 6.3% of its value in the last seven days.
- Cardano lost more than 6% of its value for the past week
- UniSwap surpassed ADA in terms of daily average transactions
- Positivity remains among crypto enthusiasts for Cardano
As of this writing, according to Coingecko, the asset is trading at $0.43 but still remains one of the top 10 digital assets thanks to its market capitalization which stands at almost $14.7 billion.
They hefty market cap, however, is not enough to fend off some negative criticisms and projections about the crypto created by the Hong Kong Input-Output (IOHK) led by Ethereum co-founder Charles Hoskinson.
In fact, Evan Van Ness, a well-known die-hard fan and Ethereum maximalist, claims the token is already at death’s door and will soon turn into a “zombiechain.”
Let’s check in on the $ADA zombiechain
Not only does Cardano do less than one transaction per second…
Uniswap does substantially more transactions than Cardano pic.twitter.com/wg0fNoFPck
— Evan Van Ness (@evan_van_ness) September 29, 2022
ADA Losing Steam
Aside from his belief that Ethereum is the best crypto out there, Ness has some alarming information regarding Cardano which could spell its immediate future.
ADA’s network is currently living at an incredibly low transaction count of less than one per second. That’s lesser than other assets with lower market capitalization.
UniSwap, for example, only has $4.9 billion market cap, but is beating Cardano on the seven-day average of daily transactions.
Source: Evan Van Ness
This is surprising, considering that UniSwap also has significantly higher daily fees count, currently at $1 million, compared to ADA’s $10,000.
What Lies Ahead For Cardano
While Ness says a lot of negativity towards a crypto asset that was once making breakthroughs, some remain positive about its future.
Coin Quora, armed with the results of their price monitoring for Cardano, said the asset will have a bullish run and will close the year with a price of $12. It also predicted that by 2023, its value will increase up to $18.
By 2025, however, the crypto, having experienced price corrections, will change hands at significantly lower prices.
Analytics Insights place the value of Cardano at $3.81, going as low as $3.68 and as high as $4.38. Both prices are way higher than its current value, $0.43.
It remains to be seen if the Ethereum’s maximalist’s claims pack some truth into them, but ADA’s recent performance so far is not helping its case.
ADA total market cap at $14.7 billion on the daily chart | Source: TradingView.com
Featured image from Cute Wallpaper.org, Chart: TradingView.com