Cardano has just joined the bandwagon of blockchains with smart contracts. Since then, the price has gone through numerous ups and downs, but it is currently stagnant.
Cardano has launched a new initiative in attempt to kickstart the price movement. Will it, however, work in the long run?
Why hasn’t Cardano moved?
From the end of July to the beginning of August, Cardano had a fantastic month. It even hit a new all-time high of $2.96 on September 3, but its performance has been disappointing since then.
Despite numerous big single-day gains, it was down by a solid 23% from its all-time high at the time of this report. On September 22, for example, ADA surged 13.75 percent, and the event had a significant impact on investors.
Over 300,000 investors joined the network the day after the increase. However, the volume increase was not significant, with just a $3 billion increase.
The rest of the month was also devoid of substantial upward movement.
Despite the fact that September was a particularly terrible month for the cryptocurrency, October has so far been rather benign. Cardano’s price movement is now consolidated in certain ways.
Despite numerous efforts to break through the $2.34 barrier over the last month, it has remained unbroken. ADA closed down under it despite numerous wicks being produced through it.
So, what has Cardano done to make a difference?
Since the completion of the Cardano summit, the foundation has launched an endeavour to foster a healthy environment while also assisting in the growth of Cardano’s DeFi acceptance and involvement by utilising the environment as a tool.
The necessity for an environmentally friendly token has been discussed for a long time, but it gained steam when Tesla removed the option of paying in Bitcoin due to environmental concerns. The project requests for a gift of between 15 and 1 million ADA, which would be used to plant a tree.
In exchange, the donor will receive an NFT digital certificate, a “NFTree” painting of varying rarity based on the amount contributed, and other benefits.
Because the approach is based on unexplored territory, it is impossible to predict if it will be a complete success. It’s yet unclear how it will affect price action, if at all.
