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The latest Alpha Quest report shows the Cardano (ADA) ecosystem ranks among the top blockchains hosting failed crypto projects.
Cardano Dealt Huge Blow As New Research Shows ADA Dominates Dead Coins
According to a recent report from AlphaQuest, Cardano is a top network in terms of dead coins in 2024. The study found that 74% of Cardano-based projects had ceased to exist.
To classify projects as dead…— Adolescente (@YoOpinoQueEs) February 25, 2024
The report considered low liquidity, delist from Coinmarketcap, inactive X accounts, and inaccessible websites to perceive a token as dead.
Cardano ecosystem plagued by dead coins
Cardano is among the leading players in the crypto market, rivaling the second-largest digital token by value – Ethereum. Despite several updates and developments, the ADA protocol has ranked as the platform with the highest dead assets.
According to the report, over 74% of crypto projects in the Cardano network are unresponsive. That’s a significant percentage for a leading smart contract platform.
ADA price outlook
Cardano’s price has lost its upside steam lately, flashing bearish tendencies. The alt traded at $0.5903 at press time. ADA has displayed notable fluctuations on its price charts, up 0.45% the previous day and down 5% over the past week.
Contrarily, competitor Ether yields significant return for its investors, gaining 7% on its weekly chart.
ADA/ETH 7D Charts on Coinmarketcap
Indicators support more slides for the crypto, highlighting potential dips toward the $0.54 support barrier. The Awesome Oscillator (AO) and Moving Average Convergence Divergence’s (MACD) red bars suggest further declines for Cardano prices.
However, a sudden shift that welcomes candle closing beyond the $0.59 value area might cancel the predicted bearishness for ADA.
The post Dead crypto projects dominate the Cardano (ADA) ecosystem: report appeared first on Invezz
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