Once one of the top three cryptocurrencies Cardano (ADA), has been struggling to get ahead in the market for some time, but without much success. However, external hype triggers could be a necessary move for a bailout at the price of ADA.
Samsung’s Cardano-based Treeplan
According to a tweet by Sidney Vollmer of the Cardano Foundation, tech giant Samsung will now be exposed to Cardano as a result of its recent partnership with blockchain plantation management system Veritree.
wow! @Samsung ‘s land restoration efforts – 2 million trees to ben planted this quarter, done by our great friends at @veritree, will live on our blockchain!
Meaning: Samsung will now get exposure to #cardano
— Sidney Vollmer (@SidneyVollmer) January 4, 2022
The South Korean giant’s American subsidiary aims to combat climate change by planting two million mangrove trees in Madagascar, an island nation located in East Africa. The collaboration was announced during the annual Consumer Electronics Show (CES) in Las Vegas and confirmed by Cardano on its official Twitter account.
👏Another great initiative powered by the #Cardano #blockchain.@SamsungUS to plant 2 million trees in Madagascar by the end of the first quarter of 2022 in partnership with @veritree_, a Cardano blockchain-based climate solutions platform.https://t.co/vtTUfTmqqS #Sustainability
— Cardano Community (@Cardano) January 4, 2022
Veritree’s tree verification records will be stored on the Cardano blockchain. The technology allows data from plantations to be validated and correlated each donation with the area of land it helped restore.
Will It Affect The Price?
Cardano introduced its tree plan about two months ago, and while the idea is commendable for its purpose, it failed to make a significant impact on the altcoin price. The price of ADA continued to decline and is trading at $1.30, about 60 percent below its all-time high of $3.09 at the time of writing.
But Samsung’s latest move following a similar path has the potential to change things. First, any collaboration with a company like Samsung will bring Cardano into mainstream news.
Second, Cardano’s expected DeFi performance did not produce any breakthrough change, so the launch of smart contracts failed to deliver the expected rise. However, the use of Veritree could potentially attract Cardano’s smart contract capability and developer interest.
Cardano desperately needs this kind of mainstream awareness right now, as the altcoin is stuck in a social euphoria. There are no major updates released by the development team yet. On top of that, the 30% drop in December alone has completely drained people’s optimism, bringing sentiment back into purely negative territory.
However, the prospects for a strong January have encouraged new investors to invest in the altcoin, and the network has seen an increase of 30,000 addresses per day.
Again, this event can serve as a boost to Cardano’s social presence, which has grown tremendously with an average of 468% in 2021.
Despite the altcoin’s dark days for months, ADA’s 2.45 million investors, who have been losing money for four months now, are hoping for a return.
While it’s impossible to predict when that will happen, Cardano has managed to increase its MTH dominance by 2 million investors (9 percent) thanks to the optimistic HODLing of its investors.
Investors following the hype surrounding this development may want to wait for the market to move a bit over the next 10 days, as the bearish trend currently prevails. Besides, they can wait for ADA to break the critical resistance level of $1.52, which will signal that it has entered a bull run.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.