Prominent Bitcoin commentator Lark Davis recently weighed in on the debate surrounding Cardano current state in the market, particularly in terms of its on-chain activity.
However, he acknowledged that the project’s on-chain metrics appear stagnant, citing minimal user activity, low DEX volume, limited development activity, weak daily revenue, and an insignificant stablecoin presence on the blockchain.
In his views, fundamentals are often irrelevant in the crypto space, as market movements tend to defy traditional valuation logic. As observed in the past, sentiments and speculation usually outweigh measurable network activity in the crypto market.
To put things into perspective, Davis compared Cardano’s situation to XRP. He noted that, despite questions over the token’s intrinsic value, it still commands a market capitalization of around $150 billion.
Cardano Could Replicate XRP Performance
He suggested that Cardano could experience a rally similar to XRP’s surge last year. For context, XRP climbed by 600% from around $0.50 in November 2024 to $3.34 within three months, drawing widespread attention across the crypto community.
Davis attributed this rally to the return of long-time investors familiar with XRP from previous market cycles. Similarly, he believes Cardano could attract renewed speculative interest and witness a comparable upswing.
Framing Cardano as a ‘cult coin’ that has already gained immense popularity, Davis projects that returning investors could buy the token and fuel a significant rally, irrespective of the asset’s stagnant on-chain metrics.
Meanwhile, Cardano is currently trading at $0.5652, down 0.08% over the past 24 hours. With a market cap of $20.27 billion, Cardano ranks as the tenth-biggest token globally.
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