Cardano saw a dramatic drop in total staked volumes since the March 2022 peak. In the last eight months, 76% of Cardano’s total value has been locked away by proof-of-stake crypto. The decline is alarming, given the decentralized crypto project’s recent Vasil hardfork.
Cardano’s community was excited about the Vasil upgrade. The hardfork was meant to upgrade the blockchain’s performance and place it in a position to contend with other top DeFi projects. However, it seems that the update hasn’t been able to deliver much bullishness for ADA holders.
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Loss Of Staking Value For Cardano
Based on data from Defi Llama, Cardano’s total value locked (TVL) has continuously decreased since its March height. For the first time since Jan 2022, it has fallen below $80million.
More specifically, Cardano’s TVL was reported to be $76.66 million at the time of this writing. The figure represents a 76.49% decline from its record $326 million on March 24, 2022. This has pushed ADA’s stake to levels not seen since January 2022.
Cardano currently ranks 27th out of all the blockchains in terms of total locked (TVL) value. It trails blockchains like Bitcoin (BTC), Algorand(ALGO), Polygon [MATIC], Avalanche (“AVAX”), Tron (TRX) and Polygon (MATIC). Ethereum (ETH), now with a market capitalization of 32 billion dollars has a strong lead. ADAUSD price chart from TradingView.com
Can Cardano Reach $1?
ADA was among the cryptocurrencies that suffered in September’s dark month. However, important updates as well as strong fundamentals in tokens suggests that ADA could be poised for a breakthrough this October. In general, October is a bullish month in cryptocurrency markets.
However, Cardano’s chances of reaching $1 within four weeks seem unlikely. Because major technical indicators such as the The RSI, MACD scores are both below 50This indicates a trend towards the negative.
Cardano Makes Waves in Other Areas
Despite the fact that Cardano’s staking value has dropped significantly, there are some positive developments happening within the project’s space. Cardano was among the top ten most-preferred cryptocurrencies by banks who disclosed their exposure to this innovative asset type. These are the findings were reportedBy the Basel Committee on Banking Supervision of the Bank of International Settlements.
Cardano also has been winning social media. The number daily social mentions for ADA reached a peak of 52,470 in September 23, compared to the previous 90 days. The total mentions now stands at 2.32 million. statistics LunarCrush, a social intelligence platform.
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Cardano also has the backing of many bulls who have shown their faith in the project. CoinMarketCap’s cryptocurrency community is very positive about Cardano’s value by the end October. Based on a surveyMembers predicted that ADA will trade at $0.5873 by the end of this month. It was 36.77% more than the $0.4294 price as of this writing.
Featured image taken from Pixabay. Chart from TradingView.com