Many in the Cardano community are unhappy with their assets, and things got to a point where founder Charles Hoskinson threatened to instantly block anyone who complained about ADA pricing.
New Twitter policy. If you complain about the price or ask to burn coins, instablock. Let’s see how fast this clears the feed and how many bots it exposes.
– Charles Hoskinson (@IOHK_Charles) December 1, 2021
Additionally, while cryptocurrency exchange eToro limited ADA’s liquidity for US-based clients, Bitstamp included the altcoin. To make sense of the mixed signals, crypto researcher Max Maher took a closer look at the metrics and the Cardano community.
Carding through Cardano
Analyzing the actual volume of ADA, Maher noted the big drop in recent days compared to the levels of the beginning of the year. At press time, the actual ADA volume was roughly $ 542 million, but it had skyrocketed above $ 9 billion just a few months ago.
Source: Messari Research
However, Maher reported,
“However, it is a different story, if we look for new directions that Cardano has. It may come as a surprise to you that the total of portfolios with at least $ 100 in ADA has risen fairly steadily with only a few small drops in recent weeks. And the total number of wallet addresses, regardless of the dollar amount, has increased even more, very steadily, and recently has surpassed three million wallets in total. “
In fact, during a recent livestream, Hoskinson himself reclaimed,
“… ADA has more liquidity than almost all cryptocurrencies [in the] space.”
Why aren’t things getting better under the ADA?
It is important for the reader to note that Maher himself has invested in Cardano and has more than 41,000 ADAs.
Still, when studying ecosystem development, Maher suggested that many may have misunderstood Cardano’s Alonzo hard fork. The researcher surmised that disappointed community members expected to instantly see smart contracts, DEX, crypto games, and other advanced features in the ecosystem, but were unprepared for the development time these projects require.
Calling it “build time” for Cardano, he estimated that new projects and higher transaction volumes would help drive up the price of ADA. Maher said,
“I wouldn’t trust it in a month or even two months, but in three to six months, I think we will see a lot of robust and usable dApps running on Cardano. And the bottom line is, if you want a crypto that will multiply tenfold in a month, you shouldn’t be on Cardano. “
Performance wise, Maher also added that he could only find one instance of Cardano experiencing downtime, which he claimed lasted for about an hour.
The researcher concluded,
“So my thesis is that Cardano was affected by its own hype.”
There is no winter blues here
The Cardano Foundation Announced that there has been a “significant increase” in Plutus Scripts from the time of the Alonzo Hard Fork. With no Plutus-based smart contracts as of early September, the Cardano Foundation registered more than 800 in December.
👀 Significant increase in the number of Plutus based #intelligent contracts on the Cardano blockchain. pic.twitter.com/DCJZsDthQ0
– Cardano Foundation (@CardanoStiftung) December 8, 2021