Cardano Fuels Up Its Hype

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Cardano Fuels Up Its Hype

I've written a number of times about Cardano even back in the day when it was priced just below $1 back at the start of this year. Cardano has recently pushed out updates but I wanted to follow up about what's to come and what this platform needs to do if it's going to truly make it.

Recent Events

Whenever there is a known announcement or change coming up in the crypto world you can pretty much bet the price has already been factored in a month or so ahead of time. It's because these are known updates with dates and what's going to be included in them. It creates hype which drives demand but what matters is what comes after that hype. Often times you will see a sell off and a new base level for the token. Cardano is no exception to this as you look at the chart below.

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The two red arrows are roughly when updates released. The first price action was swift and fast as most people knew nothing about Cardano and it wasn't in the spotlight at all in Jan. 2021. Fast forward to our update of just a few days ago we see the price action happened well before the update was even pushed out and a correction started to happen (minus the craziness of the last 24 hours)

What Needs To Happen

Cardano promised a lot with the roll out of their smart chain but a smart chain is only so good as the applications running on it. As of today currently only 61 total dapps run on Cardano that I could find at least ranked. Which I have to be honest with you many of them look like cheap gimmics and nothing big behind it.

Cardano needs to get serious about building flagship dapps for it's blockchain such as a NFT marketplace, DeFi, swaps, games and more. Without those you quickly have a low velocity under demand token that solely goes off of hype which can only last so long.

The Future

Cardano has hit headlines again recently stating they are about to release something that will totally revolutionize the crypto industry and shake everything up much like Ethereum did. Is this all fluff and hot air though or are they really cooking something big up?

The announcement is slated for this weekend at it's summit on September 25th and 26th. It's classed as a industry defining announcement.

I will had it to Cardano they have put a ton of time, effort and money into building a solid blockchain and continue to work hard on evolving it. That's a huge plug in my book. However it's quickly lacking on the use case front and instead we are mostly getting hype without any real action. I was hoping to see some flagship dapps shortly after the launch of their smart contracts but that doesn't seem to be the case.

It's going to be interesting to hear the new that comes out of the summit this year and what it could be. Could it really be a new innovation to blockchain?

If so normally radical changes and advancements like this are fueled with hype, sell off after and then a year later when people really start to understand it and what it does then you see the price increase. We saw this in the case with Ethereum where people didn't really understand it at first because it was so innovative. Could Cardano follow suit?

What do you think the big announcement will be?

Posted Using LeoFinance Beta



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3 comments
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No ideia... but will be following the news! 😉

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Cardano is a monster that due to its size seems to move slowly. Still, as they have added smart contracts capability, the entire ecosystem is doomed to bloom. Let's see what surprises the future will bring to us...

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Posted Using LeoFinance Beta

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