A popular cryptocurrency analyst has on social media explained why he believes Cardano ($ADA) has managed to remain a top 10 cryptoasset during the ongoing bear market that has been affected by the collapse of the Terra ecosystem.
According to the analyst, the cryptocurrency has a “respected and vocal leader” and a “crazy loyal, united & strong community.” Cardano’s leader is Charles Hoskinson, who helped co-found Ethereum before moving to Cardano.
Hoskinson is well-known on social media for supporting the cryptocurrency’s ecosystem and its growth while being involved in the development of the technology behind Cardano. Earlier this year, as reported, Hoskinson suggested that Cardano will “have the same type of performance as Solana” by the end of the year.
Per the cryptocurrency analyst, who goes by Plan C on social media, Cardano’s “impressive, passionate, and patient community” has been helping keep ADA as a top 10 cryptocurrency even as the team behind it works on the technology supporting it.
I think people misunderstood my post about #Cardano, I was saying their impressive, passionate, and patient community is a placeholder that is keeping the project in the top 10 and giving the team time to roll out the tech. #ADA— Plan©️ (@TheRealPlanC) May 25, 2022
Cardano is currently the eighth-largest cryptocurrency by market capitalization, above Solana and Dogecoin with a $17.16 billion market capitalization that places it behind Binance USD, XRP, and Binance’s native BNB.
The analyst’s comments come as institutional investors turn to altcoins amid a wider crypto market downturn, with data showing investors are betting on Cardano ($ADA) and Polkadot ($DOT) specifically.
As CryptoGlobe reported, the number of wallets holding ADA on the Cardano blockchain has grown by little over 70,000 over the last 30 days, with well over 2,000 wallets being added per day over said period.
Data has also shown that ADA whale transactions have shot up to a 4-month high after the price of the cryptocurrency plunged to a bottom at $0.40 earlier this year. Whales were seemingly buying the dip ahead of an upcoming hard fork that will improve the network’s performance.
The accumulation and growing number of ADA wallets come ahead of the Vasil hard fork, which is scheduled for June. The hard fork, according to Cardano founder Charles Hoskinson, will deliver a “massive performance improvement” to the network.
Note: A previous version of this article mistakenly said Charles Hoskinson worked on Solana.
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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.