The cryptocurrency market is constantly evolving and changing, with new projects and developments emerging every day. In recent news, Citi has released a research study stating that Solana’s (SOL) transaction activity is at pre-FTX collapse levels, while Snowfall Protocol (SNW) has soared past $0.19. However, not all news in the crypto space is positive, as crypto influencer Lark Davis has criticized Cardano (ADA). In this article, we will delve deeper into these developments and examine their impact on the crypto market.

Citi report highlights Solana’s (SOL) vulnerability with 50 million coins stuck in FTX proceedings

Citi’s report on Solana’s (SOL) transaction activity is not entirely positive as it brings to light the fact that an estimated 50 million Solana (SOL) coins are stuck in the Chapter 11 proceedings of cryptocurrency exchange, FTX. This is a significant amount and could have a negative impact on the value of Solana (SOL). Additionally, considering there is still a significant amount of activity on the Solana (SOL) blockchain despite this issue raises questions about the overall health of the cryptocurrency. The value of Solana (SOL) currently stands at $21.88 per token. This represents a significant decrease from its all-time high of $260.06, with Solana (SOL) being 91.58% below that recorded value.

Cardano (ADA) struggles to justify its position in the top 10 with low usage figures and adoption

Crypto influencer Lark Davis recently criticized Cardano (ADA) for having no DeFi, few working retail dApps, and just 70,000 transactions per day, on average. These criticisms raise questions about the utility and adoption of Cardano (ADA) in the market. Additionally, given the fact that Cardano (ADA) has remained in the top 10 cryptocurrencies despite these issues raises concerns about the overall health of the market. The current price of Cardano is $0.35 per (ADA / USD). Cardano (ADA) is 88.58% below the all-time high of $3.10. Only time will decide whether Cardano (ADA) will be able to address and counter the criticisms.

Snowfall Protocol (SNW) skyrockets past $0.19, making waves in the crypto market

With its exceptional features and impressive rise in value, Snowfall Protocol (SNW) has amazed the cryptocurrency community. The cross-chain bridging solution has defied market expectations and has become a highly sought-after investment with a three-figure yield potential. One of the primary features that distinguish Snowfall Protocol (SNW) is its capacity to remove technological impediments to interchain and intrachain asset transfer. Snowfall Protocol (SNW) provides a back-and-forth exchanging method for fungible tokens using a unique canonical and reverse canonical token bridge. Moreover, its swap and wrap model for non-fungible tokens is a one-of-a-kind breakthrough, making it a one-stop shop for all cryptographic assets. Snowfall Protocol (SNW) also provides unrivaled security, accessibility, flexibility, and seamless EVM and non-EVM chain interaction, making it a highly sought-after solution in the crypto field. Snowfall Protocol (SNW) token interest has reached an all-time high in recent weeks. Its current presale price of $0.191 has piqued the imagination of many, who predict it will sell out before the closing date. Analysts believe that the protocol’s disruptive capabilities will increase the value of Snowfall Protocol (SNW) token to more than 1000x in the next few days.

Conclusion

In conclusion, while Solana’s (SOL) transaction activity and Cardano’s (ADA) criticisms raise concerns in the market, Snowfall Protocol (SNW) has been making positive strides with its innovative approach to cross-chain transfer protocols and its vibrant ecosystem economy. Thus, Snowfall Protocol (SNW) is an interesting project to keep an eye on as it has a lot of potential for growth and development in the future.

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Disclaimer: This is a sponsored article. The views and opinions presented in this article do not necessarily reflect the views of CoinCodex. The content of this article should not be considered as investment advice. Always do your own research before deciding to buy, sell or transfer any crypto assets.

On Friday (13 January 2023), New Zealand based crypto analyst Lark Davis managed to find a fairly unusual way to anger the Cardano ($ADA) community.

David told his one million Twittter followers:

“#cardano impresses me. It has remained in the top 10 forever in spite of almost no #defi, few working retail dapps, and just 70,000 transactions per day on average. And yet, $ada holders continue to steadfastly believe in the potential of Cardano and the vision of the chain!“

Thankfully, one of the most highly respected and popular members of the crypto community was quick to defend Cardano. “ADA whale” told his 124K Twitter followers:

“What a strange passive aggressive tweet. We have DEXes, synthetics, multiple borrowing and lending protocols, are a pioneer in staking bonds, NFT bonds, book/music tokenisation and are a top 5 NFT market. On top of $8bn staked in an industry defining LIQUID staking PoS protocol“

He also reminded Davis of one of his fabulous mega threads about the Cardano ecosystem:

1/Cardano has a vibrant ecosystem but some news goes unreported

In #LatestOnCardano I highlight news, minor and major. L1+L2 upgrades, stats, dapps, SPO, NFT, governance, community and more

All things Cardano. Irregular but hopefully frequent. Here’s #11 in the series. Pls DYOR

— ADA whale (@cardano_whale) January 7, 2023

On Thursday (29 December 2022), crypto analytics startup Santiment, which provides tools that make “powerful OnChain, Social & Financial analysis accessible to anyone”, commented on the 2022 development activity of the major blockchains.

Santiment said in a blog post that Cardano was the strongest blockchain by its “Developer Activity” metric

Here is how Santiment defines and explains this metric:

“The development activity of a project is done in its public GitHub repositories. The work done in private repositories is hidden from the public and cannot be tracked. In Crypto, a lot of the work is done in public repositories, so this metric is available for many projects.

“A developer’s time is a relatively expensive resource (especially in Crypto), so high development activity implies that: The project is serious about its business proposition; The project will likely ship new features in the future; It’s less likely that the project is just an exit scam. Simply put, Development Activity can be used to gauge a project’s commitment to creating a working product, and continuously polishing and upgrading its features.“

On 21 December 2022, Cardano Foundation explained why 2022 has been a fantastic year for smart contracts platform Cardano ($ADA).

Cardano Foundation is “an independent Swiss-based non-profit that oversees and supervises the advancement of Cardano.” It is the legal custodian of the Cardano brand and it collaborates with IOG and EMURGO to “ensure that Cardano is being developed and promoted as a secure, transparent, and accountable solution for positive global change.” Cardano Foundation “sets the direction for decentralized economic empowerment, working with regulators in different jurisdictions to shape blockchain legislation and commercial standards, and empowering the Cardano community to leverage the Cardano protocol to solve real-life problems.”

Here are some of Cardano’s main achievements in 2022 mentioned by Cardano Foundation:

• impressive on-chain growth (number of native tokens, wallets, Plutus scripts, transactions, and delegated wallets went up 192%, 47%, 394%, 139%, and 27% respectively);
• many new partnerships and collaborations (e.g. with NMKR, UZH Blockchain Center, and veritree);
• Cardano Summit 2022, which was held November 19-21, 2022 in Lausanne, Switzewrland;
• taking part in 20+ events (e.g. Consensus 2022) around the world; and
• 50 Cardano Improvement Proposals (CIPs) reviewed.

Image Credit

Featured Image via Unsplash

Crypto influencer Lark Davis, aka “cryptolark,” took to Twitter to voice his astonishment and criticism of Cardano. He questioned Cardano’s stay in the top 10 cryptocurrencies as he claims it has nearly no DeFi, few working retail dApps and just 70,000 transactions per day on average.

#cardano impresses me. It has remained in the top 10 forever in spite of almost no #defi, few working retail dapps, and just 70,000 transactions per day on average.

And yet, $ada holders continue to steadfastly believe in the potential of Cardano and the vision of the chain!

— Lark Davis (@TheCryptoLark) January 12, 2023

“Cardano impresses me. It has remained in the top 10 forever, in spite of almost no defi, few working retail dapps, and just 70,000 transactions per day on average. And yet, ADA holders continue to steadfastly believe in the potential of Cardano and the vision of the chain,” he wrote.

In response to the crypto influencer’s tweet, a Cardano community-focused Twitter account, ADA Whale, referred to Davis’ note as a “strange passive-aggressive tweet.”

He added, “We have DEXes, synthetics, multiple borrowing and lending protocols, are a pioneer in staking bonds, NFT bonds, book/music tokenization, and are a top 5 NFT market. On top of $8bn staked in an industry-defining liquid staking PoS protocol.”

Cardano has come a long way

Interestingly, a graphic posted by Lark Davis on 2017’s top 15 cryptocurrencies by market capitalization showed Cardano in 14th place with a market capitalization of $779 million. This was reported by U.Today, in October of last year.

Most of the cryptocurrencies in the top 10 then, save Bitcoin, Ethereum and XRP, have been ousted as a great “reshuffle” has occurred. Cardano now ranks as the 8th largest cryptocurrency with a market valuation of $11.51 billion, a nearly 1,500% increase in its market cap from 2017.

This is the top 15 #crypto coins from October 15th, 2017.

Crazy how many of these high-hype coins from the 2017 bull crashed and burned in the last bear market. pic.twitter.com/B5s89xXkcG

— Lark Davis (@TheCryptoLark) October 16, 2022

Even now, Cardano ranks as the second largest proof-of-stake blockchain after Ethereum, with a staking market cap of $8.39 billion, per data from Staking Rewards. However, the ADA pricing, which is $0.33 per coin compared to other major blockchains, has frequently drawn criticism for the network.

At the time of publication, Shiba Inu is selling at $0.000013 after a pullback of 1.23% over the last 24hrs. As the currency is making such a move, there could be an opportunity for shorting if the price drops.

If that happens, Shiba Inu’s price might see a fall of 27% and drop to $0.0000093. This will form a ‘Fair Value Gap’ (FVG) which will cause a further price drop to $0.0000083. However, SHIB can see a bull run if the currency manages to claim the $0.0000179 level with a gain of 95%.

Nevertheless, many market experts have put forward mixed predictions regarding the probability of SHIB reaching $1. Among them is Lark Davis, who has claimed that SHIB will not reach $1.

Shiba Inu Price Can Never Hit $1

Lark Davis explained his point via a Twitter post using a meme.

The meme currency, which was launched in August 2020, is currently trading at the 13th position after gaining levels above $0.000012. The overall SHIB supply is at 589.63 trillion, which is posing a huge hindrance for the currency to hit $1. However, if SHIB fails to move above $0.0000083, the currency will see a fall near $0.0000074.

On the other hand, as per the CoinMarketCap community, Shiba Inu will claim $0.00001106 by 2022.