- Cardano’s Total Value Locked (TVL) showcases significant growth, bolstering bullish predictions.
- Coinbase’s potential delisting of Cardano (ADA) and 12 other tokens due to an SEC lawsuit adds to market speculations.
Deciphering the Cardano Surge: The Catalysts Behind
The crypto world buzzed recently when a notable analyst from the renowned YouTube channel, Cheeky Crypto, postulated that Cardano (ADA) – the cryptocurrency ranking eighth in global market capitalization – might witness an astonishing 10,689% surge, positioning its price at an impressive $31 in the foreseeable future.
Despite the current trading value of ADA lingering at $0.2922, marking a modest 0.42% dip in the last 24 hours (as per CoinMarketCap’s data), the analyst’s bullish stance on Cardano’s prospects hasn’t wavered. But like any seasoned market expert, he didn’t shy away from pointing out the potential short-term volatilities that might push ADA’s price to $0.151 or even $0.1817.
🐳🧐 As #Cardano sits just above $0.29, whales and sharks holding between 100K-10M $ADA have accumulated back to their highest level since September, 2022. Additionally, #onchain transaction volume has been rising nearly every week for the past 6 months. https://t.co/x9mUHDIhnx pic.twitter.com/X9WphDpPvy
— Santiment (@santimentfeed) August 8, 2023
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The Underpinnings of This Bold Forecast
Such audacious predictions aren’t pulled out of thin air. The foundation of this optimistic forecast is anchored in the robust and consistent growth of Cardano’s Total Value Locked (TVL). In layman’s terms, TVL is the total value of assets committed to the Cardano network, often seen as an indicator of trust and utility.
DeFi Llama, a leading platform offering insights into Decentralized Finance (DeFi) ecosystems, has charted this exponential growth in Cardano’s TVL over the year. The data recently showcased a peak TVL of nearly 600 million ADA, prompting the analyst to lay out a spectrum of future valuations, with a staggering $31 at the high end, and a more restrained yet still impressive range of $3.48 to $10.50.
Navigating Potential Hiccups: The Coinbase Conundrum
But it’s not all sunny skies for Cardano. The recent revelation by Brian Armstrong, CEO of the crypto behemoth Coinbase, highlighted the looming possibility of ADA’s delisting from the exchange platform. This speculative move stems from a lawsuit filed against Coinbase by the U.S. Securities and Exchange Commission (SEC). The suit alleges that ADA, along with 12 other digital tokens among the 240 offered on Coinbase, falls under the category of unregistered securities.
Armstrong, in an interaction with the Financial Times, labeled this potential delisting as “the worst-case scenario.” However, he also downplayed its ramifications, suggesting that even if Cardano and others were to be delisted, it wouldn’t drastically affect Coinbase’s revenue streams or threaten the company’s overall viability.
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