Investors Abandon Cardano For New Ethereum Token
Cardano’s ($ADA) popularity among investors continues to diminish in the face of stiffening competition among layer 1 projects.
Cardano failed to rally with various other market leading cryptocurrencies over the last week and now enters the weekend virtually unchanged from last week at $0.3473.
Once one of the ten biggest cryptocurrencies by market cap, Cardano’s decline began end of this summer when a spate of new developments over on Justin Sun’s TRON ($TRX) network, alongside similar developments on Toncoin ($TON) propelled both competitors to flip it out of the top ten.
Cardano’s lagging gains come as market leaders Bitcoin ($BTC) and Ethereum ($ETH) added 11% and 9% respectively over the week.
Cardano Price Analysis: The Weekend and Beyond
Cardano’s highest price in the year-to-date so far was $0.77 set back on March 14 this year when crypto markets were buoyed by the launch of SEC-approved Bitcoin ETFs back in January and anticipation for the Bitcoin halving in April.
However, since then, Cardano’s most recent resistance level appears to have formed at $0.40.
Over the last three months, Cardano has found strong support, around $0.33, but its current price, alongside a falling relative strength index of 50, indicates that the coin is now in danger of losing its current foothold.
Source: TradingView
Should that happen, two $11 billion market cap coins—layer 1 competitor Avalanche ($AVAX) and Ethereum meme coin Shiba Inu ($SHIB)—could flip the now-$12 billion cap Cardano.
Cardano Investors Eye New Upcoming Project
Nowadays, Cardano is struggling to keep pace with developments happening over on its closest rivals Solana, Tron and The Open Network ($TON), all of which are constantly announcing innovative new partnerships and gaming and DeFi applications.
Unless Cardano can keep pace with the rapidly changing industry, there’s a chance its investors could soon be left in the dust.
One example of the new applications developers are creating on blockchain is Crypto All-Stars, a new protocol that lets crypto fans put their meme coins to work.
While meme coins’ inherent volatility is what attracts people to them, their whimsical nature also hinders their utility. Now, one team has found a way for meme coin holders to get consistent value from their stashes.
Crypto All-Stars is a unified staking protocol that allows users to earn serious rewards by combining the world’s most celebrated meme coins.
Holders of Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin can stake them in the MemeVault and earn passive income in the form of $STARS with a rewards rate currently set at 609%.
The team will integrate more meme coins later.
The project has gained so much popularity that its presale has already raised nearly $2.5 million.
Following the purchase, investors can begin staking for rewards and claim the tokens once the presale ends.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.
Follow Crypto All-Stars on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
Visit the Crypto All-Stars Presale Website Here
The post Investors Abandon Cardano For New Ethereum Token appeared first on Cryptonews.
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