Cardano falls 11% in 30 days: Is it still worth holding?
January 18, 2024
By Victor Olanrewaju
Edited By:Saman Waris
A report came out listing reasons why ADA might fall off even if market conditions improve.
Activity on the Cardano network fell as well as stablecoin usage.
If you are a long-term Cardano [ADA] holder, or you plan to hold for a short while, you’d agree that the token has sometimes underperformed when compared to its peers.
At press time, ADA’s price was $0.53— representing an 11.30% decrease in the 30 days.
The fact that the price increased by 50.65% in the last 365 days meant that it could still be worth holding. However, K33 Research does not agree.
According to the research-led digital investment firm, you should not think twice before selling all your ADA.
Though AMBCrypto believed this to be a hasty conclusion, the firm gave its reasons. In its report released on the 15th of January, K33 noted,
“There’s nothing else going on in the Cardano Network than exchange transfers and a group of bagholders fabricating blockchain activity.”
The research also mentioned that ADA bagholders were “fabricating” blockchain activity, and nothing significant seemed to be going on in the chain.
We took it upon ourselves to check if there was any truth in what K33 mentioned. The first metric AMBCrypto decided to consider was the Total Value Locked (TVL). At press time, DeFiLlama showed that Cardano’s TVL was $359.27 million.
We took it upon ourselves to check if there was any truth in what K33 mentioned. The first metric AMBCrypto decided to consider was the Total Value Locked (TVL). At press time, DeFiLlama showed that Cardano’s TVL was $359.27 million.
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