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Cardano has missed many of the trends that have lifted the market value of its direct rivals Ethereum and Solana. The network does not support stablecoins like USDT, USDC, or USDS (formerly known as DAI), while its top decentralized apps have a total value locked (TVL) below $100 million each.
In addition, Cardano missed the meme coin hype, which helped boost Solana’s transaction volumes and raised awareness about the network’s efficiency, cheap transaction fees, and fast execution speeds.
As a result, ADA’s dominance has been plummeting since August 2021. Back then, the ADA/BTC pair – a way to measure dominance growth – reached a peak at $0.000058. Since then, it has retreated by nearly 86% as the network has struggled to stay competitive.
Comparatively, the SOL/BTC chart shows that Solana has maintained a neutral ratio to the top crypto at $0.0015 as its DeFi ecosystem has expanded significantly since then while meme coins have found a place to live in this smart contracts platform amid the rising popularity of protocols like Pump.fun and the launch of top tokens like Official Trump (TRUMP).
Bearish Pennant Emerges in Daily Chart
The daily chart shows that ADA has taken a breather after its early March crash. Multiple headwinds coincided during this period including the Bybit hack, Trump’s misleading tweet about the potential assets that could make it to a U.S. crypto reserve, and a strong wave of negative market sentiment.
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