Cardano Ambassador Addresses FUD Surrounding The Project

Cardano Ambassador Addresses FUD Surrounding The Project

11/30/2021 ADA Cardano Cardano ambassador Cardano FUD Featured FUD News & Events 0

Cardano has been in the middle of some major FUDs these past weeks and this has not been good for the value of the digital asset. Numerous negative news circulated around the asset, the most prominent being the delisting of ADA for U.S. users from the eToro crypto exchange. Since then, the altcoin has suffered massive dips that have sent the price of the digital asset towards three-month lows.

Related Reading | Cardano Founder Addresses Liquidity Concerns Over eToro Delisting

Although news of the delisting is a week out, the FUD surrounding the project has not subsided. This has prompted a Cardano ambassador to take action and has led to a run-down of why the FUD around the digital asset has refused to die out.

Cardano Is A Legitimate Alternative To Ethereum

The Cardano ambassador took to Twitter to address all of the FUDs that have been circling the altcoin in recent weeks. For one, they explain that most of it have been because Cardano presented the only legitimate alternative to the leading smart contracts platform, Ethereum. 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 had maintained momentum in the same time period, Cardano had spiked significantly, pointing to increased adoption. Yet, the market continued to treat the digital asset like it is a failing project.

Furthermore, Cardano had recorded such heavy spikes in network activity despite still being a bit away from the first decentralized exchanges launching on the network. Right now, NFTs are the only avenue with which both blockchains compete and Cardano has already recorded more activity.

Chart comparing Cardano vs Ethereum network activity

Cardano network activity spikes above Ethereum | Source: Twitter

The ambassador closed out the Twitter thread by saying pointing out that the network has not really been given any benefit of the doubt since it launched. Nevertheless, the project has proved the market wrong and will continue to do so.

Cardano price chart from TradingView.com

ADA continues to suffer dips | Source: ADAUSD on TradingView.com

ADA Struggles Against FUD

The impact of all the FUD that has been circling the project has shone through in the price of ADA. The digital asset had dipped below $1.5 for the first time in three months and had touched the low $1.4 before recovery back up again. All progress that Cardano had made during this period had been buried underneath the FUD and panic among investors as sell-offs continued.

Related Reading | Cardano Active Addresses Shoots To New Highs Amid Downtrend

Despite this, the asset has not lacked support from its community. Taking to Twitter, others expressed their outlook for the future of the cryptocurrency. Choosing to focus instead on the potential of the blockchain instead of the current situation.

Cardano founder Charles Hoskinson also took time out to approve of the message being passed. The founder tweeted that others were terrified of Cardano due to being a self-sustaining project that doesn’t need outside help to grow.

Featured image from Bitcoin News, chart from TradingView.com

 

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