Welcome to this guide, where we are going to answer the question that many have, if cardano is dead or is it going to go back up in price as we saw some time ago.
In addition to see why it is said that cardano is dead. Let’s take a look in some detail at the problems cardano has and its strengths.
At the moment, cardano is in the top 10 cryptocurrencies with the largest market capitalization. Exactly at number 8, and if we do not take into account stablecoins, we find it in the top 5.
The short answer is No. If cardano were dead it would not be in the top 10 cryptocurrencies and even less in the top 5 if we do not take stablecoins into account. Being one of the cryptocurrencies with the highest market capitalization among thousands and thousands of cryptocurrencies and projects that exist. Even so, there are several reasons that have made its price fall and many users began to say that cardano is dead.
Stay if you want to know the reasons why cardano is said to be dead and the positive and negative aspects that this project has.
Why they say it is dead
Cardano has always been a somewhat controversial cryptocurrency, and with a large community behind it, but also a lot of users who do not like cardano.
The movement or comments of cardano is dead came after its big rise reaching almost $3 per cryptocurrency, because of the expectation of the launch of its network.
But with the launch, it became clear how many problems the cardano network still had to solve and how few users used it. Unlike what happened with the binance Smart chain.
Since its launch and its arrival almost at 3$ its price continued to fall, although the cryptocurrency market continued to rise or at least, not having such a downward trend.
This was the reason why people started to say that cardano is dead, because when the market was rising or holding, cardano could not recover its peak prices, having a bearish fall until the big market crash that also made cardano fall even more.
Still, cardano has remained in the top 10 cryptocurrencies throughout this time, despite the disappointment of its network launch, and the downtrend it had when other cryptocurrencies were rising in price.
Another reason that led to the trend of cardano is dead, was the failure of the launch of its network. Where there were a lot of expectations, which caused cardano to reach almost $3. Since if the network was successful, many users would buy cardano to use the network and add liquidity to the different network platforms.
But its launch attracted hardly any users, and the main DEX (decentralized exchange) did not work well in the first month, with a long wait time to make a transaction. As a result, even fewer users wanted to try using this network. At the moment, it is the 29th network with the highest market capitalization, at a great distance from other networks such as Solana, Avalanche or even Fantom, which are far from the top 10 cryptocurrencies.
This is due to the complexity of the Cardano network and its more academic approach as opposed to Ethereum or other networks, where having this approach makes it much slower to make changes or create new platforms. As there are few platforms, because of the complexity of creating it and having it on the cardano network, it is more difficult to attract new users. Since the networks have a very important effect of what platforms you find in them. Especially, those that have unique platforms, attracting users who must use that network to be able to use the platform, not being in any other network.
Finally, and this is a criticism that has had since its inception and not so much to do with the events discussed, is that Cardano is just a whitepaper or document. This criticism is also commented by many users, because cardano is one of the cryptocurrencies with more invested capital and has not yet proven anything. Unlike other cryptocurrencies that have a product already launched such as Ethereum, BNB, Solana or Avalanche. Although the cardan network has already been launched, there is still very little built around it and many bugs in the network because of the large capitalization it has.
In addition to the criticism towards the more academic approach, which requires a lot of time to develop, validate and launch a product.
So, is it dead?
From our perspective No. Although it may have flaws, and a very different approach to most projects, more thought in the long term and to build an infrastructure in the coming years, it is still a project that has many people and capital behind it. Which makes it very difficult for it to die. Although it is a cryptocurrency that its development is slow, it does not mean that it will not have a great utility in the future, perhaps not so near.
I hope it has helped you to solve your doubts about cardano and if it is really dead or not. Remember that, if you don’t have an account with binance, you can create one just below.
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