As the broader crypto market experiences an uptrend, the seventh largest cryptocurrency by market cap, Cardano, is also performing well.
Recently, the price movement of Cardano (ADA) has been interesting and has caught the attention of many traders and analysts. Along with the positive price action, there has also been a surge in activity on the asset, which has helped maintain a good market sentiment.
The accumulation phase seen recently among the ADA addresses has pushed the price of Cardano upwards.
Sentiment’s latest survey report shows ADA sharks and whalestats whalestats on-chain Follower: 0 view Profile Addresses with 10k and 10M ADA tokens respectively have received $138M worth of ADA in just one week.
Since July 27, 0.46% of ADA tokens have been added to the current supply. If the same accumulation level is maintained for August, ADA could witness new highs.
When analyzing, it is important to look back and analyze past price action movement. Cardano (ADA) price has maintained a solid $0.50 price level for some time now, which points to the fact that the asset is consolidating.
At the time of reporting, Cardano (ADA) is selling at $0.53 after a 4.50% increase over the past 24 hours.
Mark Cuban: Cardano is not serving its purpose
Mark Cuban, billionaire entrepreneur and investor mark cuban founded by on broadcast.com Mark Cuban was a television personality, media owner, and an American billionaire entrepreneur. He is the owner of the Dallas Mavericks professional basketball franchise of the National Basketball Association. In addition, he is the co-owner of 2929 Entertainment. He is also a major “shark” investor in the reality television show. He was born on 31 July 1958. in Pittsburgh, Pennsylvania. His father Norton Cuban and his mother Shirley. He did his education at the University of Pittsburgh and graduated from Indiana University Bloomington University. On July 7, 1982, he moved to Dallas, Texas, where he first found work as a bartender for a Greenville Avenue bar called Ellen. He started his own company “Micro Solutions”; It was initially a systems integrator and software reseller. They have invested in a cryptocurrency called Dogecoin as well as accepting specialized cryptocurrencies as a method of payment for Dallas Mavericks merchandise and tickets since early 2021. When asked by CNBC for his views on a payment method, he replied that it is a medium that can be used to acquire goods and services, when the dog is used as a means of exchange. When it comes to doing, the community is the strongest. In 1998 he was awarded the Alumnus Award – Distinguished Entrepreneur by the Kelly School of Business. In 2011 he was honored as D Magazine CEO of the Year. entrepreneurinvestorPresident Follower: 0 view Profile Recently Compare Cardano cardano blockchain network Follower: 0 view Profile and dogecoin dog coin cryptocurrency Follower: 0 view Profile , In an interview with Altcoin Daily, Cuban claimed that market capitalization is not a valid indicator of a cryptocurrency’s value.
To clarify his point, Mark Cuban gave the example of Dogecoin and Shiba Inu, which have substantial market caps, and said that he believes Doge serves a greater purpose than Cardano.
Per Cuba, blockchain-based digital currencies are still commercial entities, regardless of their status or large market cap. He claimed that even after examining the transaction volume on the asset’s blockchain, no significant impact was found from Cardano.
However, he concluded positively by saying that Cardano has an opportunity to grow if any upcoming large applications use the asset for its set-up.