Cardano CEO Couldn’t Care Less About K33’s Grim Assessment of ADA’s Future

• 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

• Majority of All Crypto Workers Are in the US: Research
• Horrifying End for Crypto Millionaire Christian Peev in Bulgaria
• Ripple Recognized Among Top 100 Companies for Compassion by PEOPLE Magazine
• WAHED Projects Donates 5 Million WAHED Coins to Fund Autism Research and Therapy
• Elizabeth Warren Delays Anti-Crypto Bill Due to Lack of Sponsors