As the broader crypto market experiences bullish momentum, the seventh-largest cryptocurrency by market cap, Cardano, is also doing well.
Recently, Cardano (ADA)’s price movement has been interesting and has caught the attention of several traders and analysts. Along with the positive price action, the activity on the asset has also jumped tremendously, helping to maintain a good market sentiment.
The recent accumulation phase seen among ADA addresses has pushed Cardano’s price towards an upward journey.
The latest survey reports by Santiment suggest that ADA sharks and whale addresses with 10k and 10M ADA tokens, respectively, have acquired $138M worth of ADA in just a week.
Since July 27th, there has been an addition of 0.46% ADA tokens to the current supply. If the same accumulation level is maintained even for August, ADA might experience new heights.
While analysing, it’s crucial to look back and analyse the past price action movement. It’s been a while that Cardano’s (ADA) price has held the $0.50 price level on solid grounds, which points to the fact that the asset is garnering strength.
At the time of reporting, Cardano (ADA) is selling at $0.53, after a surge of 4.50% over the last 24hrs.
Mark Cuban : Cardano Is Not Serving Purpose
Billionaire entrepreneur and investor, Mark Cuban, recently compared Cardano and Dogecoin. In an interview with Altcoin Daily, Cuban claimed that market capitalization is not a valid indicator of a cryptocurrency’s worth.
Explaining his point, Mark Cuban gave an example of Dogecoin and Shiba Inu, which have substantial market caps, and added that he believes DOGE serves more purpose than Cardano.
Per Cuban, blockchain-based digital currencies are still business entities, irrespective of their positioning or large market caps. He claimed to not find any significant effects from Cardano even after examining the transaction volume on the asset’s blockchain.
However, he concluded on a positive note by stating there is an opportunity for Cardano to grow if any upcoming big applications use the asset for its set-up.
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