Cardano’s On-Chain Activity Low Despite $18.8 Billion Market Cap

Lark Davis argues that despite suggestions of Cardano's demise, on-chain activity is flat. Cardano (ADA) trades at $0.51, down 8.8% in 24 hours, with an $18.8 billion market cap.

Key Observations

On-chain user activity and DEX volume are low.
Development updates are limited, with weak daily revenue and minimal stablecoin presence.
Davis humorously comments on founder Charles Hoskinson while noting weak metrics.

Community Impact

Davis emphasizes that community strength and brand can influence prices, comparing ADA to XRP.
Old buyers may return, impacting token value more than network use.

Technical Analysis

Analyst highlights ADA price action; support tested at $0.53 after reaching $0.60.
Potential for a rise to $0.62-$0.65 if $0.60 resistance is broken, implying over 16% gain.
348 million ADA accumulated by whales during recent price dip below $0.50.
Risk of falling toward $0.52 if support fails.

The ongoing debate over usage does not negate Cardano's billions in market cap and loyal base.