Cardano Up 38% Over March Updates, Takes Third Spot On CoinMarketCap

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Last Updated on 6 November 2023 by CryptoTips.eu

A remarkable sight in the CoinMarketCap Top 10 yesterday was met with and abundance of memes both on Reddit and Twitter. For most of the trading session, as Bitcoin fell to $46,000 and Ethereum rested on a $1,600 level, Cardano seemed to be the only one able to stay in the green (Tether is excluded as it always stays around $1, which is it’s role as a stablecoin).

Today, as crypto recuperates, Cardano does even better and is up 38%. The Cardano price is currently trading around $1.41.

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One coin to rule them all

Yesterday Reddit’s cryptocurrency subreddit showed a board of red with one green coin ADA in the middle, featuring the comment: One Coin To Rule Them All (referring to the famed Lord of the rings saying One Ring To Rule Them All).

one coin to rule them all? from SatoshiStreetBets

Cardano founder Charles Hoskinson, a clear Avengers fan, featured a meme of his favorite villain Thanos who put on his gauntlet glove to put in the five infinity stones and said:

Fine, I’ll just do it myself. Cardano is having one of these days.

He was also clearly happy to see respect and support received from famed internet savant and MegaUpload founder Kim Dotcom, who stated that he likes Cardano and respects Hoskinson.

Cardano had recently announced that:

The “Mary” protocol update (which will require a hard fork) would be applied to the mainnet on March 1 already, which is another key milestone in the Goguen rollout.”

The company added that:

The update introduces native tokens and multi-asset support, bringing exciting new use cases for #Cardano.

Ethereum-killer

This is not the first time that Hoskinson used a Thanos reference to place Cardano as the apparent only one able to successfully challenge Ethereum as a platform of choice for the future. Of course, the glove featuring the five rings is also a clear reference to the various updates his platform is seeing.

Given that Cardano is more energy-efficient than Bitcoin and cheaper in gas fees than Ethereum, it is indeed clearly carving out a niche role for itself.

It will be interesting to see if it can become the challenger Hoskinson is hoping it will one day be.

hello.artmagination.com / Depositphotos.com

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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