Cardano’s recent poor performance has seen the token lose to Solana in the latest market shake-up. ADA holders are running out of patience despite positive remarks and assurances from executives and market analysts.
The next few days will be crucial for the token that now sits in sixth place after a shrink in its market capital. Here are the major headlines around the blockchain and its token:
Cardano-based DEX Ravendex announces ADA giveaway
Last Tuesday, the decentralized cryptocurrencies exchange Ravendex revealed via a tweet that it was launching an airdrop. The exchange, which runs on the Cardano network, will give 5,000 ADA tokens to five RAVE holders that meet the criteria.
The winner of thewill be awarded 2,000 ADA, 500 ADA more than the prize for the runner-up. Another 500 ADA each will be awarded to the third-, fourth- and fifth-place users.
“@Ravendexlabs 5000 ADA Community Giveaway Is Live! 5 winners to share the Pool prize of 5000 @Cardano ADA Tokens. Join Below and Good luck,” the exchange wrote.
Elsewhere, Cardano stablecoin project Ardana secured $10 million from fundraising that featured Three Arrows Capital, cFund, Morningstar Ventures, Mechanism Capital, Kronos Research, FMFW, MGNR, Selini Capital, Skynet Trading, and Portico Ventures.
Speaking about the raise, the stablecoin platform chief executive said, “As the first all-in-one stablecoin ecosystem built on Cardano, our platform provides users with convenient access to liquidity, an ever-present concern in the hyper-competitive DeFi world. We are also able to leverage Cardano’s speed, scalability, and security to offer a decentralized financial solution that works for everyone, and soon we’ll even be facilitating foreign exchange on-chain.”
Has Cardano lost the fight against Binance Coin?
Despite posting a good performance yesterday, Cardano ranks behind Tether, Solana, and Binance’s utility token Binance Coin.
The latter boasts a market capitalization of $108 billion – about $38 billion more than Cardano. Early last month, Cardano looked set to reclaim the third spot, but following a couple of dormant spells where its competitors gained over it, the token slid out of the race for the spot.
The Cardano vs. Binance Coin debate is, however, not closed despite the margin in market capital. Year-to-date figures show that Binance Coin has grown by a staggering 1650%, while Cardano has surged 510% in the same period. The 7-day change for both tokens is positive, which is great for Cardano, particularly as it has been stuck in consolidation for a while.
The respective networks have overcome a couple of setbacks, including the market-wide crash this year, and on paper, both tokens have a promising future. It is almost impossible to give the ‘which has the best future?’ crown to either of the coins even though BNB has a clear lead at present. That said, of the two, Cardano needs to do the most to flip Binance Coin in terms of market capital. On its end, Binance Coin needs to stay afloat as it also faces competition from other networks like the growing Solana.
Solana eclipses Cardano in market rankings
The Cardano and Solana networks have established themselves as the top Ethereum rivals giving users alternatives in the smart contracts space. Solana has seen a meteoric rise this second half of the year, attracting many in the process. Cardano, on the other hand, only recently introduced smart contract functionality and is playing catch up to the likes of Ethereum. Meanwhile, the respective tokens have been competing in the market.
Following a positive and profitable run in recent weeks, Solana finally flipped Cardano last Thursday. Its decentralized finance market has been key to this run and is among the factors that have worked in favor of the token alongside the NFT craze. Data from coinmarketcap shows that Solana is up 23% in the last 7-days compared to Cardano’s 9% registered figure. The token, which peaked at $260 on Saturday, is chasing Binance Coin with a market capital of $75 billion.
It is not all negative news for Cardano. Last Monday, the Cardano Foundation revealed that more than two million wallets had been created on the blockchain. The development comes five months since the proof of stake blockchain cracked the 1 million wallets mark.
Cardano market performance
ADA/USD has remained below $2.20 for over two weeks now, with attempts to cross the $2.15 mark continually being turned down. The trading activity over the last 24 hours, however, suggests that Cardano bulls are awakening after a period of being suppressed by bears.
The token is, as of writing, trading at $2.12, up 3% in the last 24 hours, with trading volumes also up. The 7-day trading chart shows ADA is slowly gaining, and there is hope for the sleeping bulls to rise again this week. It is a tough road climbing up, but with sufficient upward force, the token could overcome resistance at $2.16 and target $2.30 over the next few hours.