- Cardano’s 2024 price performance has left ADA holders disappointed.
- Max Maher chimes in on the disappointment, offering reasons and a solution.
- Maher’s solution is surprisingly simple.
Crypto markets roared back to life in 2024 as the spot Bitcoin ETFs went live, unleashing a wave of capital into the market. As Bitcoin soared, it lifted many altcoins along for the ride, but Cardano seemingly missed the memo. While other cryptocurrencies moved higher, ADA holders were left scratching their heads, wondering why their favorite project was floundering.
As the Cardano community grappled with underwhelming price performance, fingers pointed in various directions. Poor marketing became a popular scapegoat, with many blaming lackluster promotion for ADA’s failure to take off. However, as we approach the last quarter of 2024, influencer Max Maher has stepped into the fray with a fresh perspective on how to turn the tide for flunking ADA.
Cardano Down in the Dumps
With 2024 unfolding, Cardano’s price performance is becoming an increasingly sore point for its devoted holders. While ADA did enjoy a 60% YTD jump to $0.80 in March, this was in line with the rest of the crypto market riding high from the spot Bitcoin ETF effect. The truth is, but it’s been downhill from there since.
Sponsored
To understand ADA’s underwhelming performance, many people directed their blame toward poor marketing efforts. Rick McCracken, who runs the DIGI staking pool, conducted a survey that revealed a whopping 68% of respondents felt Cardano’s marketing game was weaker compared to other large-cap projects.
Digging deeper, McCracken’s inquiries unearthed additional concerns from the Cardano faithful. The lack of a major USD stablecoin and poor integration with the broader crypto ecosystem emerged as other potential culprits for ADA’s sluggish price action.
SNEK affiliate Maher weighed in on the situation in a recent post, adding that Cardano’s problems can also be attributed to the lack of a “narrative thrust” compared to Ethereum’s spot ETFs or Solana’s memecoin mania.
The influencer also pointed out that Cardano’s focus on research and security might be a tougher sell compared to the snappier narratives of other projects. However, rather than dwelling on the negatives, Maher’s insights suggested that a simple change in perception could turn things around.
Maher’s Solution
Maher’s recent post referenced a tweet he made in May about Cardano’s public and community perception. In his tweet, Maher said, “Crypto is a self-fulfilling prophecy,” meaning if the community believes there’s no hype around Cardano, then there simply won’t be any.
Instead of wallowing in disappointment, Maher suggested focusing on and discussing the aspects of Cardano that members like. As Maher put it, “If you get doom and gloom about a project that you like, that echoes in the whole community. If the whole community gets doom and gloom, that echoes in the price.”
Encouraged by the positive response to his initial tweet, Maher decided to double down on his message. In a follow-up tweet, he emphasized the power of perception and influence, asserting that a community consistently pushing a clear, positive message will always come out on top. This call to action was essentially a rallying cry for unity among Cardano enthusiasts.
Wrapping up, Maher painted an optimistic picture for Cardano’s future, expressing confidence that ADA could potentially see a 10x increase from here. The key? Improving the perception of Cardano’s narrative and brand by having holders actively share what they love about the project.
On the Flipside
- Competing narratives in the crypto space can overshadow solid projects, highlighting the importance of effective communication and marketing.
- Maher is correct in discussing the role of market psychology, which is as important as project fundamentals.
Why This Matters
The depressed Cardano price shows that sentiment can be as valuable as code. As ADA holders shift from doom-scrolling to moon-posting, they hold the potential to meme their way to market dominance.
Charles Hoskinson reveals that Cardano community governance is almost here:
Cardano Chang Fork ‘Basically There’ for July Launch: Hoskinson
Talk of Bitcoin’s origin as a U.S. government psyop gets reignited by Tucker Carlson:
Tucker Carlson Fuels Bitcoin-CIA Conspiracy Theory
