Cardano has consistently remained one of the largest cryptocurrencies in the sector, with its own ADA coin price following the crypto market’s rally. However, despite its great popularity among investors, it has not performed as well as other cryptocurrencies. That’s why crypto expert Ben Armstrong, popularly known as BitBoy, has shared his thoughts on why the network is struggling.
Cardano struggles with misinformation
One of the problems that crypto analysts face named What Cardano has run into over the years is the fact that there is misinformation. Cardano has often been a victim of FUD (Fear, Uncertainty, and Doubt), especially when it comes to decentralized finance (DeFi) opportunities.
The network is really catching up when it comes to DeFi, as Ethereum and Solana enabled this capability years before Cardano. However, the network has seen significant growth since it first announced smart contract capabilities in 2021.
Armstrong explains that a lot of FUD is also against the founder Charles Hoskinson whose involvement in Ethereum as one of the co-founders in its early days is often questioned. But contrary to popular belief, the analyst believes that Hoskinson’s involvement in Ethereum actually helps boost the credibility of the Cardano network.
Hoskinson has also been subject to accusations that he is a scammer, and that the Cardano network is ‘completed’, among other interesting accusations, and that his native ADA token is called a stablecoin. The last part is a joke about the fact that the ADA price hasn’t changed much in the past year.
However, Armstrong explains that Cardano boasts one of the most decentralized token distributions in the entire crypto industry. “Currently more than 60% of the supply is invested and during the bull market this number was regularly above 70%,” he said. This makes the coin an attractive choice for investors.
ADA price at $0.61 | Source: ADAUSD on Tradingview.com
ADA community Similar to the XRP community
Armstrong has been vocal about his support of the XRP community, which he believes is the strongest community in crypto. Then, behind the XRP community, the crypto analyst believes that the Cardano community is the second strongest in the sector.
In addition, Armstrong calls ADA “one of the most consistently performing coins in the history of crypto.” ADA on its own has managed to perform incredibly well in every bull market since its inception. During the 2020-2021 bull market, ADA price would go from around $0.02 to over $3 before correcting back down.
Currently, the ADA price is hovering around $0.61 and is up about 143% in the past year alone. With a market capitalization of $21.7 billion, it is currently the eighth largest cryptocurrency by market capitalization.
Featured image from Crypto News, chart from Tradingview.com
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