Oh, the humanity! Cardano‘s price has taken a nosedive, plunging over 55% from its highest point in November last year. ADA now stands at a measly $0.587, and it seems like there’s no end in sight to this bear market.
As if that weren’t enough, key metrics are deteriorating faster than a sandcastle in a storm. DeFi Llama data shows that the total value locked in Cardano has plummeted by 15% in the last 30 days to a paltry $324 million. Only eight dApps in the ecosystem have a total value locked of over $10 million. Yikes!
To make matters worse, Cardano’s DeFi TVL has been overtaken by a bunch of new kids on the blockchain, like Unichain, Sonic, Sui, Sei, and Berachain. It’s like being the coolest kid in school, only to be dethroned by a group of freshmen. Ouch.
And let’s not forget about Cardano’s stablecoin supply, which has remained at a measly $30 million over the past few months. That’s a small number considering the stablecoin industry is valued at over $250 billion. Talk about feeling left out at the party.
To add insult to injury, many Cardano stablecoins have depegged and are trading below $1. Moneta, Anzens, and Djed have all dropped to $0.98, much lower than $1. The biggest stablecoins in crypto, like USDT, USDC, PYUSD, and RLUSD, have all avoided Cardano despite its size. It’s like being the last kid picked for dodgeball.
Furthermore, Cardano’s DEX volume is minuscule, a sign that just a few people are interacting with the network. Cardano’s DEX volume in the last 30 days was $99 million. In contrast, Base, a layer-2 network created in 2023, handled over $632 million in the last 24 hours. Unichain, which Uniswap (UNI) launched in March, handled over $203 million in this period. It’s like being the only one not invited to the cool kids’ lunch table.
Charles Hoskinson and the Input Output team are working on several initiatives to boost its ecosystem growth, but it is unclear whether they will lead to more robust expansion. They are building Leios, an update to Cardano that will introduce parallel processing, increasing throughput. It will also have a unique structure comprising input blocks to collect and aggregate transactions, endorsement blocks to verify and approve them, and confirmation blocks to finalize them.
Midnight, on the other hand, is a layer-2 network that employs zero-knowledge proofs to enhance transaction privacy. While these initiatives are promising, it is unclear whether they will attract developers to Cardano.
Cardano price technical analysis
The daily chart points to more ADA price sell-off. It remains below the 61.8% Fibonacci retracement level. It has also moved below the 50-day and 100-day moving averages and has formed a large descending channel.
Cardano price has also formed an inverse cup-and-handle pattern, a common bearish continuation signal. It is now in the handle section, and a drop below the lower side will point to further downside, potentially to the 78.6% retracement point at $0.50.
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2025-07-07 16:45