thecryptobasic.com
Prominent crypto influencer and YouTuber Max Maher speculates that Cardano (ADA) is on the brink of staging its biggest pump ever that could see its price surge up to 10x.
In a recent YouTube video, Maher acknowledged that Cardano has been underperforming since 2022, immediately after the last bull run. Despite Cardano’s promising features and popularity, many has written it off due to its massive slump since 2022.
Unlike its main rivals like Ethereum (ETH) and Solana (SOL), Maher said Cardano has not witnessed significant rallies this year. For instance, while ETH and SOL have recorded year-to-date (YTD) gains of 20.7% and 52.4%, respectively, ADA is down 34.3% in the same timeframe.
3 Reasons Cardano Has Slumped Heavily in 2024
Consequently, the YouTuber identified three key reasons why Cardano has struggled with stagnation since 2022.
First, he indicated that Cardano does not have a core narrative like Ethereum and Solana. He stated that the spot-based ETF narrative fueled Ethereum’s price action while SOL recorded significant gains from the growing popularity of memecoins on its platform. However, Maher suggested that Cardano does not have any of these fundamentals to drive its price.
Second, Maher said Cardano’s complex core values seem difficult for investors to understand compared to its competitors. He indicated that Cardano’s complex core values have hindered its development and adoption.
Lastly, the YouTuber mentioned that Cardano lacked vibrant community engagement early in the year. He noted that Cardano’s enthusiasts barely promoted the project’s strength on social media.
How Cardano Could Surge 10x This Season
He claimed that investors’ perception of Cardano changed when he intervened via his May 7, 2024 tweet.
“Cardano fans need to realize that crypto is a self-fulfilling prophecy. If you go around all day saying, ‘There’s no hype in Cardano anymore…’ Guess what? There will be no hype. Lesson: If you like something, speak on the aspects you like about it,” Maher tweeted in May.
Interestingly, Maher observed a shift in sentiment a few days after the tweet, with many referencing his post as a marker for this change. He noted that positive sentiment in the Cardano ecosystem skyrocketed a few weeks later and has remained so to this day.
According to Maher, Cardano is gradually getting the memecoin hype observed in the Solana ecosystem earlier this year. He noted that projects like Snek (SNEK) and Nike (NIKE) are leading Cardano’s memecoin sector. It bears mentioning that the Nike coin is a memecoin themed after Cardano founder Charles Hoskinson’s pig, NIKE.
“Cardano is a rock-solid project with rock-solid fundamentals. All it needs is a better perception of its narrative and brand, and then we will see that price increase,” Maher said.
Per Maher, Cardano’s price could soar up to 10x as long as the community builds the hype in this bull run. In the meantime, Cardano is trading at $0.3905, with a 24-hour gain of 3.67%. Therefore, the price of ADA could soar to $4.29 if it surges 10x or 1,000% from its current price.