|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
ADA Struggles to Gain Momentum Despite Chang Hard Fork, While BNB Shines as a “True Store of Value”
Sep 17, 2024 at 02:07 am
Cardano's ADA has been a divisive project over the years. The team behind Cardano, led by Charles Hoskinson, has been inspired by the world of science publishing and has adopted a peer-reviewed approach for their token.
Cryptocurrency prices have been volatile over the past year, and some tokens have performed better than others. ADA, the native token of the Cardano blockchain, has been a divisive project.
The team behind Cardano, led by Charles Hoskinson, has been inspired by the world of science publishing and has adopted a peer-reviewed approach for their token. Despite being home to smart contracts and recently undergoing the Chang hard fork, which introduced on-chain governance and ushered in a new era for Cardano, the price of ADA is struggling to build up bullish momentum.
This lethargic performance has pushed some industry experts to label ADA a “cult coin” that only enriches its founder, Hoskinson.
One such expert is Master Kenobi, a well-followed analyst on the X platform. In a recent X post, Kenobi criticized Cardano’s lack of progress, especially when likened to Binance-affiliated BNB.
“IMO #BNB is the only coin that can be considered a true store of value due to its utility,” Kenobi wrote. “ADA is just a cult coin.”
Nothing VS Everything in 2330 Days
From time to time, it’s good to remind the community what a wrong bet with your money looks like. The chart below illustrates the evolution of #ADA #Cardano compared to #BNB, two projects with different approaches and very distinct… pic.twitter.com/39XJatbmvb
According to the analyst, ADA has achieved “nothing” over the past seven years, while BNB has “decentralized, become faster, more performant, attained adaptive technology, and achieved industry compatibility” — all within a span of three years. Kenobi highlighted BNB's utility across multiple chains, decentralized nature, high performance and speed, and adaptive technology as key factors contributing to its value.
BNB is currently fourth-ranked on the crypto charts, with a market capitalization of approximately $78.3 billion as of press time. BNB is closely linked to the world’s largest crypto exchange by trading volumes, Binance. It was issued in 2017 and powered the blockchain ecosystem BNB Chain (previously known as Binance Smart Chain). Notably, Binance executes a regular token-burning process that decreases the outstanding supply of the BNB token.
BNB’s price floundered last year as legal woes mounted for the global exchange, most notably the U.S. Securities and Exchange Commission (SEC) lodging a suit against the exchange, its founder and then-CEO Changpeng Zhao, and claiming BNB was an unregistered security.
Pressure on BNB alleviated following Binance’s historic settlement with U.S. authorities — coughing up a gargantuan $4.3 billion penalty and CZ resigning —, and the token enjoyed a relief rally as investors’ concerns over the exchange dissipated.
In terms of price action, ADA had sunk by 4.3% on the day amid a market-wide downturn on Monday but gained an impressive 6.4% over the last seven days. Contrarily, ADA lost 2.7% over the past 24 hours and 5.1% of its value since the same time last week. The Chang hard fork that successfully went live earlier this month has not been enough to shake off the bears, as the coin’s price remained deep in the red.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Polymarket Seeks $50M Boost as Election Betting Hits Record
- Sep 25, 2024 at 04:45 am
- Polymarket, the top decentralized prediction platform, is capitalizing on a massive surge in 2024 U.S. election betting.
-
- Vintage Bitcoin Whale Sends 5 BTC to Kraken After Years of Inactivity
- Sep 25, 2024 at 04:25 am
- An early bitcoin whale has made waves in the crypto world, according to the onchain analytics platform Arkham Intelligence.
-
- Babylon and Fractal Bitcoin: Exploring the Expanding World of BTCFi
- Sep 25, 2024 at 04:25 am
- While Bitcoin is solidifying its position in mainstream finance, opportunities for growth in Bitcoin-based decentralized finance (BTCFi) products are also expanding.
-
- Meta AI Bags Hollywood Voices to One-Up OpenAI After ChatGPT Mimicked Scarlett Johansson's Voice
- Sep 25, 2024 at 04:25 am
- Meta is set to announce that it has hired some of Hollywood's most high-profile actors to voice its Meta AI chatbot.
-
- Dogecoin Price Prediction: Trader Unveils Parabolic Rally Target, Eyes New All-Time High
- Sep 25, 2024 at 04:15 am
- Expectations for the Dogecoin price remain high as a crypto analyst has predicted a rally to a new all-time high for the meme coin.
-
- Mega Dice ($DICE) Token to Launch on Exchanges in 5 Days, This Analyst Predicts It Can 100x
- Sep 25, 2024 at 04:15 am
- Mega Dice token ($DICE) will be launched on the open market in five days. With $1.8 million raised at presale, the upcoming exchange launch is widely anticipated.
-
- DeFi Protocol Cega Debuts 'Vault Token Market' to Facilitate Seamless Investing
- Sep 25, 2024 at 04:15 am
- The offering solves the liquidity issues faced by investors due to the 27-day deposit lock-up period.
-
- Dogecoin, BNB, and BlockDAG Gear Up for Pivotal Developments as the Market Anticipates Significant Shifts
- Sep 25, 2024 at 04:15 am
- The coming months are set to be pivotal for investors watching Dogecoin, BNB, and BlockDAG, as each cryptocurrency gears up for significant developments.
-
- LOKA Price Surges 20% After Binance Perpetual Contract Listing
- Sep 25, 2024 at 04:15 am
- Binance, the major cryptocurrency exchange, declared on September 24 that the LOKAUSDT perpetual contract will be launched today at 11:30 UTC.