The host of popular crypto analytics and market commentary show “Coin Bureau” says that Cardona’s demand is surging despite the coin’s recent lackluster price performance.
Speaking in a recent YouTube update, Coin Bureau host “Guy” told viewers that Cardano’s adoption has been red hot. He claimed that the number of unique Cardano wallets had increased by more than 50%, while the number of assets on the blockchain had more than doubled.
Guy also pointed to “dozens” of decentralized applications (DApps) that have been deployed on Cardano’s network, with hundreds of more in development.
As reported by The Daily Hodl, he said,
This suggests that there’s still lots of demand for ADA coming from retail investors and users. Remember that there seems to be a significant amount of demand for ADA coming from institutional investors too.
Despite the demand from retail and institutional investors, Coin Bureau’s host noted that $ADA’s price had continued to decline. He argued that Cardano was too correlated with the price of Bitcoin, leading to the cryptoasset’s price sinking alongside $BTC. He also speculated that additional selling pressure was being generated by the FinTech companies associated with Cardano in an effort to expand their development teams and secure more partnerships.
He continued,
There’s no question that this will lead to some serious growth for ADA in the long term, but there’s also no question that this sell pressure seems to be suppressing ADA’s price potential in the short term.
Guy predicted that Cardano would be “lucky” to appreciate more than 2X from its current price in the short term due the negative impact of constant selling pressure. However, he said it was a “very different story” for $ADA’s long-term potential and noted the price would depend upon Cardano achieving its upcoming milestones.
Disclaimer
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