Cardano has been pushed out of the elite top 10 cryptocurrencies. The party is over for ADA?
Cardano falls to 11th position
Cardano just dropped to the 11th spot with a market cap of around $11,546,000,000. ADA was surpassed by Toncoin, which is now the 10th-ranked crypto in the list.
This shift means a huge decline in performance compared to the hype and enthusiasm surrounding Cardano as it prepared for the Chang hard fork upgrade.
The blockchain suffered a similar fate earlier in August, just before the unveiling of the hard fork.
New upgrade, but the excitement is fading, Cardano isn’t that popular now
At endo of August, ADA’s performance helped it regain its top10 status. This rise was attributed to the hype surrounding the Chang upgrade, which introduced a new era of decentralized governance.
The core purpose of the Chang hard fork was to make the blockchain fully decentralized, managed by the community and ADA holders.
But now some analysts suggest that the excitement over the new governance is almost totally disappeared, leading to a correction in the market price.
In social media, one of the most common criticisms against Cardano is that the network looks like a zombie chain, with few real users and applications.
In many cases, the crypto community highlights the controversial reputation of the founder, Charles Hoskinson, and questions the transparency and reliability of the ecosystem.
More pain for Cardano holders? ADA could drop another 90%
Adam Back, the CEO of Blockstream recently predicted that ADA’s price could suffer a considerable setback again, despite the hard fork.
Back maintains that ADA could collapse by up to 90% in response to Hoskinson’s praise for Cardano over Bitcoin.
On the other hand, some analysts suggest that while the Chang hard fork didn’t immediately set ADA on a bullish trajectory, market sentiment could change over time.
As of the time of writing, ADA traded for $0.34, a small rise in the last 24 hours. As many warns, Cardano will need to address the concerns raised by the community and demonstrate real-world adoption to reignite trust and regain its top10 position.
