Since the beginning of March, the number of ADA transactions above $100 thousand has decreased significantly. There is currently a tug of war in the ADA market between HODLers making profits and those making losses. This could lead to a period of stagnation in the price of ADA. Cardano (ADA) is not experiencing as much traction as it merits, propelled by a set of hurdles outlined by Crypto Capital Venture founder Dan Gambardello as “unique” and “significant”.
Dan Gambardello: Cardano Challenges and Venture Capital Influence
The top crypto analyst highlighted that the fundamental causes of these challenges are multifaceted. He elucidated the two perceived reasons for the Cardano obstacle. Firstly, the Crypto Capital Venture founder, Dan Gambardello emphasized that Cardano is being “blocked” by the industry due to erroneous data and the adverse narratives perpetuated by leading players and venture capital firms.
For context, he likened the scenario to a grand gathering where billions of dollars are being circulated, yet Cardano is excluded. Despite these shortcomings, the analyst added that Cardano still ranks amongst the top ten cryptocurrencies.
ADA Data Issues
In the instance of inaccurate data, it is believed that Cardano data is frequently misrepresented by crypto analytical firms and frequently omitted entirely. Gambardello contends that these firms partake in this behavior because they solely focus on promoting crypto projects that align well with their investment objectives; otherwise, they overlook such projects.
Many of these crypto analytics providers are typically supported by prominent venture capitalists like FTX Ventures. To reinforce his argument, the analyst provided an example where executives of respected analytics firms publicly criticized Cardano. An occurrence was recently noted when a user compared ADA and Solana’s price movements to highlight the latter’s outperformance over the former. Cardano Founder Charles Hoskinson promptly issued a stern response, but it’s noteworthy that many crypto traders may have taken note of the comparison.
Cardano (ADA) Price Decline
The adverse narratives about Cardano disseminated by top crypto players are perpetuated through the media. According to Gambardello, these VCs wield significant sway over many media companies due to the backing they provide for their portfolio projects. In the long term, this facilitates their ability to disseminate the information they desire effortlessly, whether accurate or not. Ultimately, such actions end up tarnishing the reputation of the crypto project.
Presently, the native token of the network ADA is in the “red”, trading at $0.68 with a 1.89% decline in the last 24 hours. The crypto is displaying resilience and striving to reach $1, but the proliferation of inaccurate data, as highlighted by Gambardello, may continue to adversely impact its market value.
