A recent report by Messari reveals striking data about a popular altcoin project. Accordingly, Cardano (ADA) is priced very aggressively based on the network’s adoption metrics. However, some private wallets continue to purchase ADA for some unknown reason.
This altcoin project is unnecessarily high priced
Messari’s report precedes the highly anticipated Vasil hard fork upgrade. It preceded the upgrade and the highly anticipated Vasil upgrade. Analysts say the Vasil upgrade will bring significant technical improvements to the Cardano network. Messari data explains that Cardano lags behind Solana, Algorand, Tezos and NEO when it comes to the number of daily transactions. The popular Proof-of-Stake Blockchain also has less total value (TVL) than Solana and Algorand. So the altcoin project’s network seems surprisingly less used than its competitors.
Billionaire crypto investor Mark Cuban recently talked about Cardano. Cuban said that smart contracts were launched in the altcoin project last September. However, he noted that this new product did not have a significant impact on the number of transactions on the network. The Messari report found that Solana has risen above its main competitors in key benchmarks. The SOL token, which supports the network’s ecosystem, appears to be priced as “incarcerated” compared to ADA and other peers. According to data provided by CoinMarketCap, ADA and SOL are currently ranked seventh and ninth respectively in terms of market cap.
ADA purchases rise as Vasil hard fork approaches
Cardano user “Pete” referred to a CoinMarketCap chart. Accordingly, the chart pointed to a significant amount of Cardano acquisition activity in a relatively short period of time. “Someone is buying,” Pete said, “Just watch out for these fixes.” warned investors. However, data tracker WhaleStats revealed that significant trading volumes have been recorded for the altcoin. According to the platform, ADA was one of the 10 most traded assets among the top 4,000 BSC whales just 24 hours ago. The reasons behind the major acquisitions are still unclear. However, Cardano user Pete says the purchases may be linked to the upcoming Vasil hard fork upgrade. According to him, the purchases are likely to be made to profit in the long-term or short-term.
As Cryptokoin.com reported, the Vasil hard fork will be one of the most important updates for Cardano to date. This is because Vasil will bring significant improvements to Cardano and Plutus smart contracts. Cardano has released the Alonzo hard fork in the past, which brings the capabilities of smart contracts. At that time, the price of the altcoin project had reached an all-time high. As a result, price expectations for Cardano remain high due to the Vasil hard fork. The founder of Cardano responded to a user who complained about his $5,000 investment in ADA. Charles Hoskinson emphasized the essence of timing regarding market performance. It is possible that the “timing” narrative is one of the reasons for the massive Cardano buy volumes that have been detected recently.
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