The Cardano token ADA has lost a massive chunk of its market value. According to the market sentiment, the news about Cardano getting delisted from the eToro platform is the main reason that the token has been devalued. Meanwhile, Cardano founder Charles Hoskinson has taken to Twitter to claim that the token is not getting delisted from the exchange platform, and the non-US residents will still be able to trade it after Christmas.
The eToro platform has published a new blog post and posted a letter to Charles Hoskinson, claiming that the exchange will limit the sale of ADA and TRX tokens for the traders in the United States. The eToro platform has also mentioned that the main reason for the delisting of these tokens is the regulatory issues from the local watchdogs.
However, some members of the cryptocurrency community are arguing that Cardano has recently been listed by Bitstamp, which has a trading volume of $513 billion per day. On the other hand, the daily trading volume for eToro is limited to $67 billion only. Therefore, it is not right to assume that ADA is past its prime. However, ADA token had started to move downwards even before the eToro news hit the market.
The cryptocurrency market is full of volatility and uncertainty. The unknown crypto tokens like SOL and AVAX have been able to make a massive impression on the cryptocurrency leaderboard in the Q3 of 2021. SOL token started with a market cap of $8 billion and a staking value of only $1 billion. However, the token soon caught the attention of the investors, and it is now promoted to a $62 billion market cap and $14 billion staking interest.
Lack of dApp Functionality
One major complaint that the Cardano blockchain is facing, for the time being, is the absence of dApps functionality. Meanwhile, the addition of smart contracts has increased activity on the platform, and the Cardano developers have addressed the issue by increasing the size of the block to improve its scalability.