• Cardano is one of the most popular blockchains and its metrics show that it’s network activity is doing well, but some crypto watchers believe it is overvalued.
• Cardano’s DeFi ecosystem is thriving, with a total value locked (TVL) of over $227 million and an all-time high in ADA coins. Additionally, Cardano has an active NFT industry with total sales of over $277k in the past 24 hours.
• Despite this growth, many argue that Cardano is still overvalued as its market cap of over $10 billion values it higher than American Airlines, Lazard, and Moelis.

Overview: Is Cardano a Ghost Chain?

Cardano has been criticized as one of the biggest ghost chains in the industry. But its metrics shows that its network activity is doing well and it cannot be defined as a ghost chain because its ecosystem is growing.

Cardano’s Ecosystem

Cardano’s DeFi ecosystem is thriving with a total value locked (TVL) of over $227 million and an all-time high in ADA coins. Additionally, Cardano has an active NFT industry with total sales of over $277k in the past 24 hours which makes it the eighth biggest player in the industry after Ethereum, Polygon, Mythos, Immutable X, BNB Chain, and Bitcoin.

Overvaluation

Despite this growth many argue that Cardano is still highly overvalued as its market cap of over $10 billion values it higher than American Airlines, Lazard, and Moelis.

Conclusion

In conclusion we can say without doubt that Cardano isn’t a ghost chain but rather just highly valued due to its current market cap being greater than some large companies such as American Airlines or Lazard.

Takeaway

The takeaway from this article for investors should be to consider if a cryptocurrency project’s valuation matches up to their actual performance before investing their money into it so they can make informed decisions on whether or not investing would be beneficial for them or not based on current performance data rather then just hype around project’s potential future performance or price speculation.

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