Cardano recently joined the community of projects developing smart contracts on the blockchain. The price has fluctuated a lot since then, but not too much at the moment. In order to flourish again, Cardano has started a new initiative. But will this idea work?

Why is Cardano’s price still stagnating?

Cardano had a great time from late July to August, even hitting a new all-time high of $ 2.96 on September 3, but its performance has been pretty lackluster since then.

At press time, ADA is down 23% from its all-time high, despite multiple rallies of more than 10% in a single day. On September 22nd in particular, the ADA rose 13.75% and the event had a strong impact on investors as more than 300,000 new people joined the network. However, the volume is not large, only $ 3 billion.

Cardano addresses are increasing | Source: Intotheblock

While things aren’t as bad as September, at least October isn’t too tough for this altcoin, but this time around there hasn’t been any significant positive move. In a way, Cardano’s price action is currently consolidating.

Despite multiple attempts to break the $ 2.34 resistance level that has been in place for nearly a month, it remains unbroken.

ADA / USD 1D price chart | Source: TradingView

What did the project do to change that?

Since the end of the Cardano Summit, the Cardano Foundation has started an initiative to promote a healthy environment and to increase the participation and acceptance of Cardano DeFi through the use of the work environment.

The discussion about the need for a green token has long been going on and heated up when Tesla discontinued the Bitcoin payment option, citing environmental concerns. The initiative calls for donations of 15-1 million ADA to create a harvest.

The donor also receives a digital NFT certificate, an “NFTree” work of art, the rarity of which varies depending on the amount donated and other benefits. Since the strategy of opening up new regions has not yet been explored, it cannot be said with certainty whether the idea will be an absolute success. How it could help the Cardano price has yet to be determined.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

mango

According to AZCoin News

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

2 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

5 hours ago

Step into BlockDAG’s Presale Frenzy This November: Secure a Massive 100% Bonus with BDAG100!

November is the perfect time for BlockDAG's huge presale. Use BDAG100 to double your purchase.…

7 hours ago

OpenSea New Version Will Be Launched In December

OpenSea new version is scheduled to launch in December, with an improved user experience, improved…

7 hours ago

This website uses cookies.