Cardano is currently in the middle major FUDs, which has had a negative impact on the cryptocurrency’s value. There have been many negative stories about the asset. The most notable was the removal of ADA from U.S users on the eToro cryptocurrency exchange. Altcoin prices have plunged massively since that time, causing them to drop towards their three-month lowest levels.
Cardano Founder Addresses Liquidity Concerns Over eToro Delisting| Cardano Founder Addresses Liquidity Concerns Over eToro Delisting
Although the news about delisting was announced a week ago the FUD hasn’t subsided. Cardano Ambassador, prompted to act and has resulted in a detailed explanation of why the FUD about the digital asset is not dying out.
Cardano Can Be A Legal Alternative to Ethereum
The Cardano ambassador took to TwitterTo address all FUDs about altcoin that have circulated in the last week. They explain that Cardano was the best alternative to Ethereum, the most popular smart contract platform. This leans into the fact that Cardano has often been proposed as an “Ethereum killer” after smart contracts capability has debuted on the blockchain.
They pointed to the network activity that showed that Cardano’s activity has consistently been on the rise in the past few weeks. While Ethereum was able to maintain momentum during the same time, Cardano activity spiked substantially, which indicates increased adoption. The market still treated the digital asset as a failure project.
Cardano also recorded strong spikes in network activity, despite being quite a ways from the launch of the first decentralized exchanges on the network. NFTs currently represent the only way that both blockchains can compete, and Cardano already has more activity.
Source:| Source: Twitter
After closing the thread on Twitter, the ambassador stated that no one has given the network any advantage of doubt since its launch. The market has been proven wrong by the project and they will keep doing so.
Industry has not given us the benefit-of-the doubt.
We were told we could never do PoS and our consensus will never work – we proved them wrong.
We are now being told that our ecosystem won’t have any useful dapps, but we will prove them wrong.
— Southrye – (₳) (@Southrye) November 28, 2021
ADA suffers more dips| Source: ADAUSD on TradingView.com
ADA Struggles Against FUD
The price for ADA shows the effect of all the FUD surrounding the project. After falling below $1.5 in just three months, the price of ADA had reached lows $1.4 and was recovering. Cardano’s progress during that period was buried under panic and FUD among investors.
Cardano Active Addresses Shoots To New Highs Amid Downtrend| Cardano Active Addresses Shoots To New Highs Amid Downtrend
However, it has received support from the community. Many others shared their views on the future of cryptocurrency via Twitter. Instead of worrying about the current state of affairs, focus on the potential benefits of the blockchain.
$ADAIt can be scaled up to greater extent than #ETH. #CardanoIt uses only a small fraction of the energy $BTC & $ETH. Ether’s fees are high & #ADAIt is strong competition. $ADA‘s scarcity of 45B coins will lead to an increase in value & demand, and will also provide banking services to the Worlds unbanked
— Andrew | Investing, Stocks & Crypto (@FluentInFinance) November 28, 2021
Charles Hoskinson, Cardano’s founder, also approved of the message. The founder tweeted that others were terrified of Cardano due to being a self-sustaining project that doesn’t need outside help to grow.
The fear is real because it doesn’t take a magical Cardano 2 in order to survive. It’s a future proof design and we are systematically building towards it together with the strongest and most engaged community brick by brick https://t.co/JDOKhAwrZA
— Charles Hoskinson (@IOHK_Charles) November 28, 2021
Featured Image from Bitcoin News. Chart from TradingView.com