The Cardano Foundation has partnered with the Olympics committee to bring sports into blockchain technology. The collaboration aims to unlock the full potential of the emerging tech, including AI and the Internet of Things (IoT). This would enhance institutional transparency in sports and create new opportunities for engagement with athletes, coaches, and the support team. Now that Cardano’s partnership with the Olympics is official, will this push ADA’s price up in the charts?
For that, you will have to look closely at what happened after the announcement went live. After the Olympics committee revealed the partnership with Cardano for blockchain solutions, ADA dipped 5%. There was little to no price spurt, and the news failed to lift the altcoin up. ADA is now trading in the $0.16 range, with a higher chance of heading south further. There’s no hype about the partnership, as traders feel there’s not much the Cardano Foundation could gain.
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Why ADA Failed to Rise Despite Cardano’s Olympics Partnership?
For once, the Olympics have gotten expensive, and countries that host them eventually spend tons of money. The entire sport is also getting irrelevant in this fast-paced society, with not many catching up. It has become just a glance sport where only countries that have won more medals end up watching it. The others just give it a pass or skim through the news and move on. Therefore, Cardano’s native token ADA did not move the needle after the Olympics partnership.
While there is no doubt that the move to bring sports into blockchain technology is commendable, the business behind it is what’s making traders give it a skip. ADA will not rise due to the partnership with the Olympics, but Cardano will do its job and move on. The connection between Cardano and ADA is not fully intertwined, as one is a business and the other is just an altcoin running on its back.
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