Cardano’s $ADA Tumbles Harder Than Market Leaders – What’s Really Going On?

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Tim Hakki

Author

Tim Hakki

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Last updated:

September 6, 2024 12:02 EDT

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Cardano’s $ADA is today performing the worst among the 15 biggest cryptocurrencies by market capitalization.

In the last 24 hours, $ADA has shed 4% of its value. At its current price of $0.3162, $ADA is now about 10% lower than it was this time last week.

This makes for some of the stiffest intra-week losses posted by a market-leading layer 1.

The only top layer 1 coin that depreciated more over the seven days was The Open Network’s Toncoin ($TON), which shed 12% to trade at $4.79 as of this writing.

Why Cardano’s $ADA And Other Leading Layer 1s Are Down Today

Broadly speaking, all cryptocurrencies are following the fluctuations of the trillion-cap market leader Bitcoin ($BTC). Bitcoin shed 3% overnight and about 6% over the week to trade at $54,875 at the time of writing.

$BTC’s number one contender, Ethereum ($ETH), lost 2% overnight and 6% over the week to hit $2,336 at the start of the weekend UTC.

This week, Cardano completed the “Chang” upgrade, which enables $ADA token holders to vote on network development proposals, thus democratizing and decentralizing it.

The news has not stopped $ADA’s general downward trend.

The token is currently trading at a recent support level (green line), with resistance (red line) stiffening from $0.45 to $0.40 over the course of the summer.

$ADA’s falling relative strength index of 39 is 9 points from being oversold. This indicates the weekend could see the start of some dip buying.

Investors Seek Adventure With GameFi Meme Coin Shiba Shootout

Cardano’s $ADA upgrade this week was a serious step towards decentralized governance, but it turns out the market is just not excited enough about Cardano to throw more investment into it this week.

Some would even argue that there is no point. As an established layer 1 coin, Cardano is broadly fated to track the price movements of Bitcoin and Ethereum, which together serve as a litmus test for consumer sentiment around crypto.

However, you can find some of the more enticing investments in Web3 still in presale.

One Shiba Inu-themed coin that has the potential to make all useless meme coins obsolete this year is Shiba Shootout.

Shiba Shootout ($SHIBASHOOT) is a new Wild-West-style meme coin project that blasts some much-needed vitality and utility into the well-worn doge theme.

Early watchers say the token has what it takes to succeed.

At the heart of the gamification element lies the town of Shiba Gulch, a bustling Web3 settlement where the Shiba Shootout community gathers to undertake challenges, showdowns and meme sharing.

The strong social element combines with a unique multiple opportunities for players to generate rewards.

This immersive, engaging and addictive Web3 social experience has more 1000x potential than Cardano’s $ADA, because quite simply: there’s nothing else like it.

Pick it up at a fixed presale price of $0.0201 per token. Investors can purchase $SHIBASHOOT with ETH, BNB and USDT, or they can pay by credit or debit card.

Follow Shiba Shootout for updates on X and Telegram.

Read more and join the presale over on the official website

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.