ADA Underperforms SHIB, And Nansen CEO Mocks Cardano Bros

Key Points:

• Alex Svanevik, recently targeted Cardano’s native cryptocurrency on Twitter.
• Svanevik’s prediction appears to have come true since ADA has had a terrible year in terms of price performance.
• ADA first gained momentum in the short term before the Vasil hard fork in September, it has been unable to do so since then.
• Bobby Lee, a seasoned cryptocurrency investor, projected that the next bull market cycle wouldn’t begin until 2025.

The CEO and founder of the blockchain analytics platform Nansen, Alex Svanevik, recently targeted Cardano’s native cryptocurrency on Twitter.

“Cardano brothers never thanked me for this,” he tweeted. This was the statement Svanevik made when he said, “Last chance to sell ADA above $30B market cap,” which he had made back in March.

Svanevik’s prediction appears to have come true since ADA has had a terrible year in terms of price performance. The cryptocurrency has dropped a startling 91.67% from its peak. In addition, it has lost 81% of its value this year, outperforming meme coin Shiba Inu (77%).

ADA first gained momentum in the short term prior to the Vasil hard fork

Although ADA first gained momentum in the short term prior to the Vasil hard fork in September, it has so far been unable to do so since then. ADA still ranks among the top 10 largest cryptocurrencies by market size, with a worth of about $9 billion, despite its appalling performance.

Svanevik’s clairvoyance may have prevented some investors from suffering severe losses this year, but going into 2023, there doesn’t seem to be much reason for hope for those still holding onto their ADA coins. Market sentiment is still very gloomy as the sector is recovering from the FTX collapse, and the U.S. Federal Reserve isn’t changing its aggressive monetary policy.

Bobby Lee, a seasoned cryptocurrency investor, projected that the next bull market cycle wouldn’t begin until 2025. Svanevik’s criticism of ADA is understandable, given that he backs Ethereum, a key rival of Cardano. The value of the cryptocurrency Ether has decreased by 75.14% from its peak.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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