Widely followed Bitcoin figure Lark Davis pushed back on suggestions that Cardano is finished, saying, “what is dead can never die.” At the same time, he pointed out that on-chain activity looks flat.
Cardano (ADA) was trading at $0.51, down 8.8% in the past 24 hours, and it holds a market cap of $18.8 billion. That is the context for a larger question now being asked across crypto circles: can community and hype move a token more than real network use?
On-Chain Activity Shows Little Movement
Davis admits that user activity is low and DEX volume is thin. Development updates are limited, daily revenue is weak, and stablecoins barely register on the chain.
He made his point with humor too, joking that Cardano’s founder Charles Hoskinson has “a beard worth $25 billion.” But the main claim was serious: the chain’s raw on-chain metrics don’t look strong right now.
Community Strength And Brand Can Still Drive Prices
Based on reports, Davis argued that numbers don’t tell the whole story in crypto. He compared Cardano to XRP and noted that a token can have a big market cap despite questions over intrinsic use; XRP once reached about $150 billion in market value.
According to Davis, old buyers can return and push a token higher even when network use is low. That is part of why some traders treat certain assets as almost cult-like. Sentiment matters, but momentum matters more than steady on-chain growth in many cases.
Technical Signals Point To A Narrow Upside If Key Levels Break
TradingView analyst “AltcoinPiooners” has highlighted recent price action and a possible shift in market pressure. Reports show ADA tested support at $0.53 after hitting $0.60 on November 11 and falling the next day.
Analysts See A Clear Path, But Risks Remain
According to the analyst, ADA could move to $0.62 and then to $0.65 if $0.60 is cleared, a move that would equal more than a 16% gain from current levels.
Reports also revealed that Cardano whales added 348 million ADA over four days while the price dipped below $0.50 recently. On the flip side, a failure at support could send ADA down toward $0.52. That risk was flagged by the same analyst.
Although the debate around weak usage continues, reports have stressed that Cardano is far from dead. The project still commands a loyal base, steady interest from long-time holders, and a market cap in the billions.
Featured image from Unsplash, chart from TradingView
