Cardano’s Future in Question as ADA Value Drops 11% in 30 Days

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Cardano drops 11% in 30 days: Is it still worth holding?

In the last 30 days, Cardano (ADA) has lost 11% of its value. This raises the question of whether it is still worth holding the cryptocurrency. A new report suggests that now is the right time to sell ADA. However, AMBCrypto considers this conclusion to be premature.

Reasons for possible further fall of ADA

A report lists various reasons why ADA could continue to fall even with improved market conditions. Activity in the Cardano network and the use of stablecoins are declining. Long-term ADA holders or those planning to hold the token only short-term might agree that the cryptocurrency sometimes underperforms compared to its competitors.

Price development of ADA

At the time of reporting, the price of ADA was $0.53, which corresponds to a decrease of 11.30% in the last 30 days. The fact that the price has risen by 50.65% in the last 365 days, however, could suggest that it is still worth holding ADA.

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K33 Research advises to sell ADA

The research-based digital investment company K33 Research, however, recommends selling ADA without hesitation. In a report published on January 15, K33 notes: “In the Cardano network, nothing is happening other than exchange transfers and a group of bagholders faking blockchain activities.”

Evaluation of activity in the Cardano network

To verify K33’s claims, we looked at the total values of assets locked or staked in the Cardano ecosystem, the so-called Total Value Locked (TVL). At the time of reporting, Cardano’s TVL was $359.27 million. Compared to other blockchain networks like Solana (SOL) and Ethereum (ETH), Cardano is significantly lagging behind.

Stablecoins in the Cardano network

Another important factor is the availability of stablecoins in the network. At the time of reporting, the stablecoins in the Cardano network amounted to $19.18 million. In comparison, the value was $69.53 billion for Ethereum and $1.88 billion for Solana. Stablecoins are the preferred cryptocurrency for trading altcoins via DeFi. This suggests that there is a significant lack of activity in the Cardano network, which according to K33 Research could lead to ADA becoming obsolete in the near future.

Active addresses in the network and price development

At the time of reporting, the 24-hour active addresses had dropped to 43,100. This is a bearish indicator for price development. If this trend continues, it could affect the price of ADA.

Conclusion

Whether it’s worth holding or selling ADA ultimately depends on various factors. While K33 Research advises to sell, it should be noted that other metrics and future developments should also be taken into account before making a decision.

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