There has been a lot of talk about Cardano for a long time, from its ghost chain to the fact that the project was a failure. However, after a rally that began in mid-March that drove the altcoin’s price from $0.78 to $1.2, many critics are backing off their negative reviews.
Expert: Cardano can now support a DEX
Crypto researcher Max Maher has recently been examining the rise of Cardano (ADA) to point out some triggers that could drive ADA’s price up. Maher also theorized that the altcoin’s price action in 2022 has a story to tell. Discussing the price rise and fall in January, the researcher states:
Cardano saw a rapid rise in price before falling a little lower with the rest of the market. While the subsequent price action was not exciting, this rise in price was still very important because it showed the world that Cardano can support a DEX (SundaeSwap). Of course, not without a few bugs, but still a DEX.
Save This Date and Graph for Cardano: Here’s What Happens! Maher, whose analysis we previously referred to as Cryptokoin.com, also observed that when looking at the total locked value (TVL), Minswap’s dominance of approximately 63.52 percent is definitely a factor to consider. Also, according to the analyst, sidechain Milkomeda helped Cardano (ADA) achieve Ethereum Virtual Machine (EVM) compatibility.
How about ADA’s development activities?
According to Santiment data, development activities in the Cardano ecosystem mostly move horizontally. When it comes to ADA’s price action, a rally of more than 30 percent has certainly caused a lot of excitement, according to experts. However, from afar, it can be seen that ADA’s price has returned to where it was only in early February. Maher notes:
The good thing about negative price action is that it doesn’t mean that developers stop building.
Save This Date and Graph for Cardano: Here’s What Happens! In a Q&A video filmed in Dubai, Cardano founder Charles Hoskinson confirmed that the Vasil upgrade will likely be an “overloaded version”. That said, many ADA investors are looking forward to it. Because historically, ADA often sees high-altitude rallies before a hard fork. However, experts warn to be ready for a hot market in the summer months as the Vasil hard fork approaches.
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