Cardano recently joined the community of projects developing smart contracts on the blockchain. The price has fluctuated a lot since then, but not too much at the moment. In order to flourish again, Cardano has started a new initiative. But will this idea work?
Why is Cardano’s price still stagnating?
Cardano had a great time from late July to August, even hitting a new all-time high of $ 2.96 on September 3, but its performance has been pretty lackluster since then.
At press time, ADA is down 23% from its all-time high, despite multiple rallies of more than 10% in a single day. On September 22nd in particular, the ADA rose 13.75% and the event had a strong impact on investors as more than 300,000 new people joined the network. However, the volume is not large, only $ 3 billion.
Cardano addresses are increasing | Source: Intotheblock
While things aren’t as bad as September, at least October isn’t too tough for this altcoin, but this time around there hasn’t been any significant positive move. In a way, Cardano’s price action is currently consolidating.
Despite multiple attempts to break the $ 2.34 resistance level that has been in place for nearly a month, it remains unbroken.
ADA / USD 1D price chart | Source: TradingView
What did the project do to change that?
Since the end of the Cardano Summit, the Cardano Foundation has started an initiative to promote a healthy environment and to increase the participation and acceptance of Cardano DeFi through the use of the work environment.
The discussion about the need for a green token has long been going on and heated up when Tesla discontinued the Bitcoin payment option, citing environmental concerns. The initiative calls for donations of 15-1 million ADA to create a harvest.
The donor also receives a digital NFT certificate, an “NFTree” work of art, the rarity of which varies depending on the amount donated and other benefits. Since the strategy of opening up new regions has not yet been explored, it cannot be said with certainty whether the idea will be an absolute success. How it could help the Cardano price has yet to be determined.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
According to AZCoin News