One of the things that many predicted when they talked about the upcoming Cardano upgrade is that the mainnet token ADA would explode in popularity and that the price will skyrocket. The first happened, the second — not so much. It seems that the market is not ready to invest in projects that compete against Ethereum during an overall down-trending market.
Some context for optimistic forecasts
The Ethereum merge turned out to be a huge waste of everyone’s time and attention. The event was supposed to bring more utility and increase the intensity of attention received from investors who provide cash for both layer 1 and layer 2 networks. However, the merger arguably made things worse for Ethereum as it lost over 12% during the next six hours after the event was concluded.
It was a bad sign, but many followers of Cardano believed that the downfall of Ethereum would propel ADA to new heights. The Vasil hard fork is promising to add more scalability options and utility to the mainnet, but the TPS increase seems to be very small and the ability to pack more transactions in a single block is not that exciting for people outside of the bubble created by tech geeks.
Nevertheless, buzzing on social media usually helps tokens climb up the rankings and attract more investors due to the sheer volume of attention they receive thanks to influencers and pumpers. This time, it didn’t happen. Cardano seems to be flatlining despite introducing new interesting features and aiming at the top.
Will Cardano start gaining traction?
One of the biggest questions that many investors are interested in is whether Cardano can deliver in the short term. The answer is seeming “no”. The asset has been doing quite poorly in the market despite having some moments of clarity and hope.
What is more curious is that the number of mentions on social media and the search volume on Google for Cardano increased massively, but it did not lead to the improvement of the market situation around ADA. It seems that PoS is not as hot as many people thought just a month ago.
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