Cardano has consistently remained one of the largest cryptocurrencies in the industry with the price of its native ADA coin following the crypto market rally. However, it has not performed as well as other cryptocurrencies despite its marked popularity among investors. Given this, crypto pundit Ben Armstrong, popularly known as BitBoy, has shared his views on why the network is struggling.
Cardano Struggles Through Misinformation
One of the problems that the crypto analyst mentioned that Cardano has run into over the years is the fact that there has been misinformation. A lot of times, Cardano has been subject to FUD (Fear, Uncertainty, and Doubt) especially when it comes to its decentralized finance (DeFi) capabilities.
The network is really playing catch-up when it comes to DeFi as the likes of Ethereum and Solana enabled this ability years before Cardano. However, the network has seen significant growth since it first announced smart contract capabilities back in 2021.
Armstrong explains that a lot of FUD have also been directed at the founder Charles Hoskinson whose involvement with Ethereum as one of the co-founders in the early days is often called into question. But contrary to popular belief, the analyst believes that Hoskinson’s involvement with Ethereum actually helps to boost the credibility of the Cardano network.
Hoskinson has also been subject to allegations of being a scammer, as well as the Cardano network being “finished,” among other interesting allegations, as well as its native ADA token being referred to as a stablecoin. The last part takes a jab at the fact that the ADA price has not moved much in the last year.
However, Armstrong explains that Cardano boasts one of the most decentralized token distributions in the entire crypto industry. “Currently, over 60% of the supply is staked and during the bull market, the number was well over 70% on a regular basis,” he stated. This makes the coin an attractive choice for investors.
ADA price at $0.61 | Source: ADAUSD on Tradingview.com
ADA Community Similar To XRP Community
Armstrong has been vocal about his support for the XRP community which he believes is the strongest community in crypto. Then coming up behind the XRP community, the crypto analyst believes that the Cardano community is the second-strongest in the industry.
In addition to this, Armstrong calls ADA “one of the most consistent performing coins in the history of crypto.” ADA, on its own, has managed to perform incredibly well in each bull market since its inception. During the 2020-2021 bull market, the ADA price would go from around $0.02 to over $3 before correcting back downward.
Presently, the ADA price is trending at $0.61, rising approximately 143% in the last year alone. With a market cap of $21.7 billion, it is currently the eighth-largest cryptocurrency by market cap.
Featured image from Crypto News, chart from Tradingview.com
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