Pro-Cardano X account ADA Whale, in a recent post, said the Cardano network now hosts an independent token economy worth billions. Per the post, DeFi, Telecom, books, games, music, and storage tokens now roll up to and trade in $ADA – Cardano’s native token.
Reads like a hype post, but distill it to its signal. Not many “L1s” manage to achieve this. Ethereum, what else?
The amount of tokens in crypto is out of control, and esp for an L1, some economic activity needs to view you as a base currency or you can fall off at any time
— ADA whale (@cardano_whale) September 15, 2023
The user continued that the wide adoption of Cardano is a sign that the blockchain’s adoption will continue to grow. Additionally, the user said the adoption is also a clear signal that the blockchain will be relevant and thrive in future bull markets.
Furthermore, the user noted that not many Layer-1 blockchains have managed to reach Cardano’s status. The user continued that aside from Ethereum, no other Layer-1 blockchain has attained a similar level.
Cardano, a proof-of-stake blockchain, is one of the largest cryptocurrency networks in the world. According to data from CoinMarketCap, the blockchain has a market cap of $8.8 billion, placing it as the 7th largest in the world.
Since the start of the prolonged bear market, the network has equally taken a hit. Its native token, ADA, has also seen severe declines in previous weeks. However, recent data show the token may be on a recovery path.
At the time of press, the token sits at $0.2519, having added a 1.93% gain in the past 24 hours. However, on the weekly price chart, the token slid by 2.37% after multiple declines.
It is worth noting that the SEC lawsuit against Binance and Coinbase negatively affected the performance of the token. As earlier covered, the regulator classified ADA as securities in its lawsuit against the crypto exchange heavyweights.
