Cardano Loses 10th Spot Against Telegram’s Toncoin
Cardano’s recent spotlight has highlighted its disappointing price performance and lack of appeal for traders. Despite its technology and strong community, the ecosystem lacks the activity and demand of other chains like Solana.
Recently, Charles Hoskinson defended the project, stating that “Cardano always wins,” referencing a poll ranking the best Layer-1 networks. Moreover, Hoskinson took another jab at Solana’s network problem after its recent transaction failure rate reached 75%.
ADA drops to be the 11th biggest cryptocurrency by market cap. Source:Per CoinMarketCap data, ADA remains in the top ten cryptocurrencies, ranking ninth on the website’s list before being flipped.
ADA Is “Where It Should Be”
Last week, crypto analyst Ali Martinez revealed that ADA’s whale activity was “experiencing a lull.” To the analyst, whether this was a signal of further price consolidation or a drop remained to be seen.
Some that TON’s overtaking of Cardano’s place on the list highlights some of the ecosystem’s problems. Martinez his prediction made around the time Bitcoin registered its latest all-time high (ATH) of $73,373. At the time, the analyst considered that ADA resembled the pattern observed from 2018 to 2021.
During the period observed by Martinez, Cardano’s token went through a long consolidation period, with the price hovering between $0.026 and $0.082. After breaking out of this resistance level, ADA’s price surged to $0.35 in the following weeks before continuing its upward trajectory to its ATH of $3.09.Despite the analyst’s optimistic forecast, ADA’s price of $0.5762 remains 81.5% below its 2021 ATH. At writing time, the token dropped 5.4% from the previous day. Additionally, its performance has decreased by 3.6% and 22.3% in the weekly and monthly timeframes.
However, the token’s market activity has surged 6.6% in the last 24 hours, with a daily trading volume of $502.1 million.ADA's performance in the 1-day chart. Source: ADAUSDT on