[ad_1]
Although this never materialized, it evidenced that the head of state is aware of the project’s existence and prospects as it was included in the same group as Bitcoin (BTC) and Ethereum (ETH).
Cardano is One of the Most Overvalued Networks by This Metric
Cardano supporters believe that Hoskinson’s participation in this conversation could be a hint that WLFI is seriously considering including ADA in its portfolio of crypto assets.
At the time of writing, WLFI does not hold any ADA. Its largest positions are in Ethereum (ETH) in multiple forms, Wrapped Bitcoin (WBTC), Tether (USDT), and Tron (TRX). If WLFI starts to buy ADA, that could prompt a rally as it would be another significant pad in the back for the network.
However, ecosystem growth is one of the network’s weak spots as the Cardano blockchain has one of the lowest TVL/Market Value ratios in the crypto space at 1.5% while Solana, Ethereum, and even Sui boast a much higher ratio of 9.4%, 19%, and 14.5% respectively.
This makes Cardano possibly the most overvalued smart contracts platform in the industry as ecosystem growth fails to justify its high price tag at the moment.
Bearish Pennant Still in Play
We have been tracking the evolution of a bearish pennant scenario for Cardano (ADA) for a few days and it appears that the latest price action has already invalidated the setup.
[ad_2]
