Cardano's price, like many other cryptocurrencies, has experienced a significant sell-off amidst concerns about the new crypto winter. However, it's important to note that Cardano has shown resilience, with its market cap remaining at over $13 billion, solidifying its position as the 10th biggest crypto in the industry.
Cardano, while currently considered one of the biggest ghost chains in the crypto industry, holds significant potential for growth. Cardano's chain, in this context, refers to a blockchain that is yet to fully realize its utility. In Cardano’s case, the emergence of a major dApp from the ecosystem could be a game-changer, and the number of developers could potentially increase.
In contrast, Ethereum has some well-known applications like AAVE, Compound, and Lido DAO. Similarly, Solana hosts popular meme coins like Dogwifhat and Bonk and DeFi protocols like Orca, Jupiter, and Raydium.
Cardano’s DeFi TVL has plunged to $289 million, making it the 28th biggest platform in the blockchain industry. All players in the network, like Minswap, Indigo, Liquid, and SingularityNET staking pool, have plunged by double digits in the past few weeks.
It's worth noting that Cardano currently has a limited number of stablecoins in its ecosystem, with these stablecoins having a market cap of less than $20 million. This indicates that the platform is not yet widely used. In comparison, Tron boasts over $50 billion in stablecoins, while Ethereum has more than $80 billion. However, this is not to say that Cardano cannot expand its stablecoin offerings in the future.
Cardano has now become a smaller platform than many blockchains with smaller market caps. For example, Gnosis, whose GNO token has a market cap of $814 million, has a DeFi TVL of about $328 million.
Cardano is also smaller than Mantle, with a TVL of over $383 million and a market cap of over $2.5 billion. It is also smaller than other smaller than networks like Aptos, Near Protocol, and Sui.
At the same time, Cardano has no market share in other blockchain industries. For example, data by CryptoSlam shows that the network handled NFTs worth just $48k in the past 24 hours and $1.8 million in the past 30 days. Worse, most of these sales have been wash sales.
This provides further evidence that Cardano is the biggest ghost chain in the crypto industry and that its valuation was difficult to justify. On the positive side, it has dropped from a record high of over $90 billion in the last crypto bull run.
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