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Cardano has consistently remained one of the largest cryptocurrencies within the trade with the value of its native ADA coin following the crypto market rally. However, it has not carried out in addition to different cryptocurrencies regardless of its marked recognition amongst traders. Given this, crypto pundit Ben Armstrong, popularly often called BitBoy, has shared his views on why the community is struggling.

Cardano Struggles Through Misinformation

One of the issues that the crypto analyst mentioned that Cardano has run into through the years is the truth that there was misinformation. A number of instances, Cardano has been topic to FUD (Fear, Uncertainty, and Doubt) particularly relating to its decentralized finance (DeFi) capabilities.

The community is de facto taking part in catch-up relating to DeFi because the likes of Ethereum and Solana enabled this potential years earlier than Cardano. However, the community has seen vital progress because it first introduced good contract capabilities again in 2021.

Armstrong explains that plenty of FUD have additionally been directed on the founder Charles Hoskinson whose involvement with Ethereum as one of many co-founders within the early days is usually known as into query. But opposite to common perception, the analyst believes that Hoskinson’s involvement with Ethereum truly helps to spice up the credibility of the Cardano network.

Hoskinson has additionally been topic to allegations of being a scammer, in addition to the Cardano community being “finished,” amongst different attention-grabbing allegations, in addition to its native ADA token being known as a stablecoin. The final half takes a jab at the truth that the ADA price has not moved a lot within the final 12 months.

However, Armstrong explains that Cardano boasts one of the vital decentralized token distributions in your entire crypto trade. “Currently, over 60% of the supply is staked and during the bull market, the number was well over 70% on a regular basis,” he acknowledged. This makes the coin a lovely selection for traders.

ADA value at $0.61 | Source: ADAUSD on Tradingview.com

ADA Community Similar To XRP Community

Armstrong has been vocal about his help for the XRP group which he believes is the strongest group in crypto. Then developing behind the XRP group, the crypto analyst believes that the Cardano group is the second-strongest within the trade.

In addition to this, Armstrong calls ADA “one of the most consistent performing coins in the history of crypto.” ADA, by itself, has managed to carry out extremely nicely in every bull market since its inception. During the 2020-2021 bull market, the ADA price would go from round $0.02 to over $3 earlier than correcting again downward.

Presently, the ADA price is trending at $0.61, rising roughly 143% within the final 12 months alone. With a market cap of $21.7 billion, it’s presently the eighth-largest cryptocurrency by market cap.

Featured picture from Crypto News, chart from Tradingview.com

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