The Cardano (ADA) price is currently struggling as its recent rebound from mid-month lows starts to fade, causing ADA to drop out of the global top 10 crypto rankings. With ADA trading just above $0.50, down close to 3% on the day, the sell pressure has increased after failing to push back above the 21-day moving average in the $0.52 range. ADA’s market cap is currently around $17.8 billion, making it the 11th largest by market cap. Despite the recent decline, ADA is still up 25% from recent lows, but down over 20% monthly and more than 15% yearly. Cardano has fallen behind major cryptos like Bitcoin, Ether, BNB, and Solana, which have all shown significant gains in the past 90 days.
Cardano’s on-chain metrics reveal that the blockchain is struggling to attract a real base of crypto users. With only $416 million in total value locked (TVL) on the blockchain compared to over $10 billion locked on Solana, Cardano ranks 24th in TVL despite being the 11th largest crypto by market cap. Daily transaction counts paint a grim picture for Cardano as well, with transactions rarely exceeding 100,000 per day. In comparison, Bitcoin sees between 300,000 and 750,000 daily transactions, Ethereum over 1 million, and Solana 15-30 million. Critics of Cardano refer to it as a “ghost chain.”
The narrative of failure to attract adoption continues to plague Cardano, resulting in struggles to keep pace with its major peers. While the ADA price may not continue to fall in USD, without faster adoption, it might struggle to push back above $1 in this bull market. Despite this, Cardano has numerous ambitious projects aiming to attract users, and if any of these projects gain traction, the blockchain’s fortunes could change. Some alternatives to Cardano include presale investments in Web3 projects such as Mega Dice Casino’s DICE token, which offers utility within the crypto casino, with benefits like cashback, staking, and airdrops for early investors.
Crypto investors interested in investments with greater upside potential should consider presale investing, where Web3 projects and protocols sell their native tokens at early bird discounts to raise funds for development. If these projects gain traction, presale investors could see gains of up to 10x or more. Mega Dice Casino’s presale of its utility token DICE is one such project with exciting benefits for investors, including cashback benefits, staking opportunities, and airdrops for early presale participants. The project is close to raising $500,000, and potential investors should act fast before the DICE price increases after reaching the $1 million milestone.
