Cryptocurrency markets analyst Chris Burniske says that Cardano (ADA), one of the popular altcoin projects, is “Steam Software” and manages to shock crypto circles with his comment. We, as Kriptokoin.com, examine the analyst’s Cardano (ADA) comment and the reasons it is based on.
Stunning comments for Cardano (ADA)
Despite its significant growth in the crypto markets, Cardano continues to receive criticism. Cryptocurrency analyst Chris Burniske, co-founder of Placeholder, criticized Cardano as “steamware” in a recent tweet citing the poor performance of the ADA token. The crypto analyst commented last year that the project was mainly based on “hype” rather than facts. Crypto analyst Burniske is far from the only one to oppose Cardano. Among the critics is Mark Cuban. Billionaire Mark Cuban also questioned the usefulness of the popular proof-of-stake blockchain. As reported by crypto sources, Galaxy Digital CEO Mike Novogratz described the community behind the project as a “weird cult.” ADA has been underperforming in the cryptocurrency market since the analyst’s comment.
Cardano token ADA is also down 17% since the start of 2022 and is 62.82% away from reclaiming its all-time high. On the other hand, it is possible to see a growth refuting the “vaporware” or “steamware” criticisms. Despite the criticism, Cardano (ADA) has seen significant growth over the past year. Earlier this month, blockchain recently surpassed three million wallets. According to a recent report published by the research arm of cryptocurrency exchange Kraken, the token’s recent price movements are directly linked to growing network activity.
SundaeSwap, the leading Cardano-based decentralized exchange, recently made its debut on the blockchain mainnet. Trustless banking protocol MELD, swap-free token platform SpaceBudz, and wallet extension Nami are some of the most important projects built on Cardano (ADA). The project is currently in the “Basho” era, where developers will focus on building scaling solutions for blockchain.
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