Most Deadcoins Are Cardano Ventures
Cardano (ADA) has the most deadcoins, says new report.
When crypto projects fail, those inactive coins are called deadcoins, and a new report shows that Cardano has more of them than any other ecosystem. These are failed coins that are no longer in use, and 74% of all of those are from Cardano ventures.
Terra comes in second place in crypto coin project failures. It does not hold a candle to Cardano’s mountain of failures, and yet Cardano is still ticking along. The crypto token rose 0.91% today so far, to a price of $0.5925 (ADA/USD).
What Happened to the Deadcoins?
Most of those coins came and went during the crypto boom of 2020-2021. In this period, the market soared, but not every coin came out a winner. Many of them crashed and burned in the same year. That period was not the hardest on crypto coins, though. That honor goes to 2023.
How bad was 2023 for the crypto market? In the period from 2020-2023, 60% of deadcoins come from 2023. It easily outpaced the other years in that timeframe for the number of dead crypto coins. Of course, it was at that time that the effects from the pandemic were felt most strongly and inflation reached record highs. People simply did not have the money or even the jobs to afford to pay for decentralized tokens and altcoins.
Cardano’s Forecast
Cardano is enjoying a good month, up 30% over the last 30 days. This last week has been harder on it, though, and the coin has dropped 2.53% over the last seven days.
With trade volume down, Cardano could be struggling, but the coin has retained much of its gains from earlier in the month through this week. Even though trade volume is down, Cardano’s price is up for the day, which could indicate an upward trend.
The coin may reach $0.65 in the next day or two, which would gain back everything lost this week. Indicators point toward a decent weekend for Cardano, and Thursday’s upswing could prove to be the start of a bull run.
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