- Crypto firm K33 predicts Cardano’s decline, to which Cardano CEO shows indifference.
- K33 highlights Cardano’s absence of utility and doubts its long-term viability.
- Despite a $19B market cap, K33 predicts Cardano’s gradual disappearance in crypto.
In a recent report, K33, a crypto research firm, delivered a bleak outlook on the fate of Cardano (ADA), asserting that a lack of significant activity could render the ADA token irrelevant. In response, Cardano CEO Charles Hoskinson, says he’s never heard of this firm showing clear indifference.
Read CRYPTONEWSLAND on 
google news
K33 argues that the key to a valuable smart contract network lies in substantial usage of its native token. However, they claim that Cardano lacks such utility and a reliable means to achieve it.
While ADA proponents point to an average daily transaction volume of 90,000, K33 dismisses the significance of these transactions, suggesting that blockchain activity is artificially generated, and only exchange transfers truly contribute to Cardano’s network.
The absence of stablecoins like USDT or USDC on the Cardano network, according to K33, signals a lack of substantial DeFi transactions.
The report raises doubts about ADA’s prospective growth, emphasizing its failure to gain momentum despite its extended existence. K33 compares ADA to other initiatives that began with grand claims but eventually faded due to a lack of traction.
Despite its current $19 billion market capitalization, K33 predicts a gradual disappearance of ADA from the cryptocurrency landscape. ADA’s current value is attributed to its exchange presence and its appeal to newcomers as a “research-driven blockchain network.”
However, K33 warns that these factors may not guarantee ADA’s long-term viability, pointing out its failure to appreciate in line with other more significant smart contract tokens during market recoveries, suggesting a potential decline in the coin’s prominence.
Meanwhile, other crypto and ADA analysts are quite bullish over the future of the asset. Only time will tell who comes out stronger. Traders and investors are encouraged to DYOR before making financial decisions.
Read Also
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://cryptonewsland.com/cardano-ceo-couldnt-care-less-about-k33s-grim-assessment-of-adas-future/
