ADA May Still Suffer Losses
The Cardano project has not had any market-moving news in recent times. There has been news regarding the project investing in smaller Cardano-focused startups. However, nothing has created hype around the project.Related Reading | Cardano Investors In Japan Come Under Fire For $6 Million In Underreported Taxes
Its foray into the decentralized finance (DeFi) space has been delayed because although the blockchain is now capable of supporting smart contracts, building the protocols required to provide decentralized finance services to users takes time to build. Developers have been working hard on deploying their decentralized applications (DApps) on the network and the Cardano Foundation has provided support to these projects, but it will take a while before there are enough working DeFi protocols on the blockchain to draw in users to carry out DeFi activities on the network.ADA price trading at $2.13 | Source:If the digital asset does not see any significant improvement in support and momentum, then ADA may run the risk of falling below $2. Its community boasts some of the strongest hold sentiment with over 70% of its total supply currently staked. However, without significant amounts of money coming into the asset, it is likely to continue a downtrend that may see the price retest the $1.7 range.
Cardano Founder Begins Africa Tour
Bitcoinist reported last week that Cardano founder Charles Hoskinson was getting ready to begin a tour through Africa. Hoskinson confirmed that the tour had kicked off on October 15th when he posted a that showed him appearing on a panel in South Africa, where the tour was scheduled to begin.Related Reading | SpaceBudZ Marks First NFT Sale Above $1 Million On Cardano Network
Featured image from Euronews, chart from TradingView.com