When questioned about the underperformance of the native ADA token, Cardano founder Charles Hoskinson stated in a recent tweet that cryptocurrencies have entered a bear market.
Hoskinson admits that no announcement will change anything. As a result, despite the protocol’s expanding technical capabilities and growing community membership, the ADA pricing will continue to struggle to acquire traction.
Following a strong surge in 2021, ADA has badly underperformed this year, falling by more than 43% since the beginning of the year. It is now down to 77.44 percent from its all-time high, set in early September ahead of the much-anticipated debut of smart contracts.
Nearly 900 Cardano-based projects are now in development, according to the source. The number of ADA wallets sold surpassed three million in February.
However, according to Messari data, the blockchain’s active addresses have dropped to their lowest level since August.
According to the recent data, Cardano has yet to build its killer app and is now ranked 31st by total value locked (TVL). According to DefiLlama data, Minswap and SundaeSwap have lost 41% and 36% respectively in one month.
Earlier today, the price of Bitcoin on the Bitstamp market fell to $33,265, the lowest level since January 24, as part of a violent selloff.
