Popular altcoin Cardano ($ADA) is facing intense competition from other smart contract blockchains like TRON ($TRX) and Toncoin ($TON).
Currently the 11th largest cryptocurrency by market cap, Cardano recently slipped from the top ten, overtaken by TRON.
Now, with a market cap of $12.8 billion, it is closely trailed by Toncoin, which has a cap of $12.5 billion and originated from Telegram’s Nikolai Durov.
For now, Cardano is safe.
Over the past 24 hours, Cardano gained 1.8%, trading at $0.3593, while TRON and Toncoin saw mixed results.
Despite these challenges, Cardano supporters remain hopeful that upcoming network announcements or tech upgrades could bolster its position.
ADA Price Analysis: Will Cardano ($ADA) Fall Further?
Previously among the ten biggest cryptocurrencies by market cap, Cardano launched in 2017, two years after Ethereum.
Beyond functions, tech, and scalability, the two networks also share a co-founder: Charles Hoskinson.
Hoskinson was originally a founding member of Ethereum, but the Foundation team removed him after disagreements on whether the project would take profits.
Hoskinson preferred to run Ethereum as a commercial entity and was ousted by his team.
Recently, Cardano’s $ADA has been trading stably.
The diagonal red line indicates falling resistance over a six-month period. However, in the last three months we see multiple peaks along $0.36, which indicates new resistance may be forming.
Cardano fans are looking to challenge $0.36 in order to get to the next leg.
A rising relative strength index of 58 suggests some buying is happening that could challenge that, but should any unexpected headwinds start blowing, $ADA has strong support at $0.34.
Have Layer 1s Lost Their Lustre? Meme Coin Staking Protocol Crypto All-Stars Raises $3 Million at Presale
Cardano launched $ADA years before the FTX meltdown and nowadays it struggles to keep up with Toncoin and Tron, both of which are launching meme coins and dApps.
Investors looking for sweltering gains are better off looking at the presale market, where coin launches can easily turn over 10x or 100x profits.
One new protocol called Crypto All-Stars hopes to change the negative perceptions around meme coins by letting crypto fans put them to work.
Crypto All-Stars is a unified staking protocol that allows users to earn serious rewards by combining the world’s most celebrated meme coins.
Users can stake Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin in the MemeVault to earn passive income.
The current reward rate for staking these coins is an impressive 532% in the form of $STARS.
The project has gained so much popularity that its presale has already raised over $2.9 million, while Cardano’s $ADA failed to gain ground.
Following the purchase, investors can begin staking for rewards and claim the tokens once the presale ends.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.
Follow Crypto All-Stars on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
Visit the Crypto All-Stars Presale Website Here
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