A popular crypto analyst and trader, Lark Davis, has stated that he feels it’s about time for Cardano (ADA), the sixth-largest cryptocurrency by market cap, to start recording massive gains as usual, as DeFi influx is about to drive increased demand for the digital token ADA.
After the implementation of smart contracts functionality on the Cardano network via the successful launch of Alonzo on the mainnet, the price of ADA surged to record high, becoming the 4th largest crypto by market cap in the process, with a market valuation of relatively $75 billion.
Read Also: What Makes Cardano the Most Anticipated Smart Contract Platform in the Blockchain Space
The launch also went further to push the price of ADA up to $3 for the first time since inception, displacing Binance Coin (BNB) from the third position in the market. Howbeit, over the past couple of weeks, the cryptocurrency has failed to maintain its surging trend as the price of other competing altcoins, such as Solana (SOL), surged massively.
For the past few weeks, Cardano (ADA) has been forming lower lows from a close of $2 in October to the current low of $1.43. At press time, Cardano (ADA) is changing hands at $1.59, up 1.5% in the past 24 hours, according to CoinGecko data.
Despite the lethargic market performance, several crypto analysts still believe in the prospect of Cardano (ADA).
Read Also: Cardano Block Size to Increase by 12.5% to 72KB on 1st December after Testnet Deployment This Week
Time for Cardano (ADA) To Start Taking Off
Popular crypto analyst and trader, Lark Davis, believes the price of Cardano (ADA) will rise more in the coming days, thanks to the upcoming DeFi projects such as SundaeSwap and Ardana.
Lark Davis tweeted: “I feel like it is about time for #cardano to start taking off again. We are about to see a lot of #defi stuff coming in like Ardana and Sundae Swap that will drive increased demand for $ada.”
I feel like it is about time for #cardano to start taking off again.
We are about to see a lot of #defi stuff coming in like Ardana and Sundae Swap that will drive increased demand for $ada
— Lark Davis (@TheCryptoLark) November 28, 2021
The rise of dApps and NFTs on Cardano
Cardano has considerably grown a wide range of decentralized applications (dApps) and non-fungible token (NFT) projects and getting ready to power more applications.
In a recent tweet, on-chain data analysis platform Coin98 Analytics noted that smart contracts development on Cardano is on the rise.
“A huge wave of new Dapps has emerged on the Cardano blockchain.”
Also, NFT investor Patrick Tobler, added that NFT-MAKER, one of the earliest dApps on Cardano has already powered over 400,000 NFTs.
“@nftmakerio has been around for months. One of the earliest dApss on Cardano, responsible for more than 400,000 NFTs. Many of the projects are directly dependent on NFT-MAKER.”
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