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Cardano (ADA) and Polkadot (DOT) Where Do We Stand

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I've written about both of these crypto currencies and their block chains over the last few months but in light of recent events my opinions on them are charging based on what is happening in the world and the movements the owners are starting to do with them. Let's take a look at both and see where we stand today.

Cardano (ADA)

I called this coin back when it was around $0.80 each. At the time of writing this we are now up to $1.35 with a recent 10% rally in the last 24 hours putting it near an all time high.

Cardano is a POS coin which means Proof of stake. What it really means though is a good portion of the currency will be locked up at any given time into wallets who stake to secure the network. It's almost like what we see here on LeoFinance. A main majority of the tokens staked while only a small amount is liquid. Because of this the price naturally goes up because the amount in circulation at any given time is far less then the total amount that has been "printed"

I had a huge rally call for this cryptocurrency last month March 1st as a hard fork took place that enabled the blockchain to start tapping into NFTs. Where are we on that currently? The team took a different approaches and one I feel was wrong and will end up being too late if something does happen.

Instead of building their own NFT marketplace/marketplaces they instead targeted existing NFT marketplaces to have them replace Ethereum. Well there's a few issues with that.

  1. It's not quick for any of these platforms to shut off Ethereum and move to Cardano
  2. Most would see no incentive to move

The recent increase?

I believe it has much to do with Coinbase and launching their IPO. The simple matter is once Coinbase goes public any cryptocurrency on their platform should see a rally as new funds start flooding in.

My thoughts are this cryptocurrency will see a massive short term rise but then a bit as the IPO gets released. I don't see them actually getting into any NFT market places and even if they do the hype around it has drastically fallen off.

Polkadot (DOT)

Pokadot is one of those blockchains that just sees slow but strong steady growth. It's backed by a number of factors for this growth that I believe over time will continue it's upward trend. While I don't feel it will be a quick jump for $41 to $200 I believe over the next year we could very well see this one continue to progress upwards as more adoption of the token happens. I made a call for this one back at $28.

One of the biggest driving factors for this blockchain as of the last few months was in part of the NFT craze and trying to reduce down fees. Polkadot instead of trying to "crush" competing block chains instead works with them allowing for networks to be attached along side of nearly any other blockchain such as Ethereum and Bitcoin and reduce fees by hitting the network with one smart contract instead of traditional means of hitting it for every transaction. It allows for more throughput at a fraction of the cost.

Recently USDT has announced that it will be launching it's token into Polkadot. There is no release date on this yet but what it will do is inject a lot of fresh new capital into the network as a true stable coin.

*This article is for entertainment purposes only and not investment advice.

Posted Using LeoFinance Beta