Nansen CEO Alex Svanevik made fun of the altcoin community as Cardano (ADA)’s performance fell short of meme coin Shiba Inu (SHIB).
“I said last chance to sell ADA!”
Alex Svanevik, founder and CEO of blockchain analytics platform Nansen, recently made a post on Twitter targeting Cardano’s native cryptocurrency. “Brothers who love Cardano never thanked me for it!” Svanevik said. said. Nansen CEO referred to a prediction he had made in the past here. The advice Svanevik mentioned that they should thank was a post about March. At the time, Svanevik had predicted, “Last chance to sell ADA at over $30 billion market cap.”
Looks like Svanevik was right. Because altcoin had a lousy year in terms of performance. The cryptocurrency is down an astonishing 91.67% from its all-time high. What’s more, it’s down 81% year-to-date. Meanwhile, the popular meme coin Shiba Inu has tumbled 77% over the same period. Therefore, ADA’s performance also lagged behind SHIB.
2022 has been pretty bad for altcoin
Meanwhile, ADA saw its first short-term spike on its way to the Vasil Hard Fork in September. However, despite this, it has not gained any traction since then. However, despite its terrible performance, ADA remains among the top 10 cryptocurrencies in the crypto league with a market cap of roughly $9 billion. The reason for this is that the entire market performed similarly in the same period. Therefore, although Cardano performs poorly, it is not separated from the market.
Svanevik’s foresight may have saved some investors from huge losses this year. However, there seems little reason to be optimistic for those holding their ADA through 2023. Because the US Federal Reserve is determined not to back down from its hawkish monetary policy. Also, the cryptocurrency market sentiment remains extremely bearish. cryptocoin.com As we reported, crypto expert Bobby Lee has claimed that another crypto bull market cycle will not begin until 2025.
Meanwhile, it is worth noting that Nansen CEO Alex Svanevik is a leading altcoin Ethereum (ETH) supporter. As you know, Cardano is a strong Ethereum competitor, touted as the ‘Ethereum Killer’. So it’s not surprising that Svanevik attacked this important opponent. Also, ETH is down 75.14% from its all-time high. This shows that it is more stable compared to ADA.
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