Cardano: Post ADA’s 50%+ rally, is history set to repeat itself?

Lavina Daryanani

Cardano’s development activity had taken a backseat towards the end of last year. However, the state of affairs changed since the beginning of 2022, and this metric noted a steep incline.

Reflecting a value of 2751 at the time of press, the magnitude of Cardano’s development activity was at par with what was noted in October last year.

Source: Santiment

The much-awaited launch on Cardano here, finally

Just a day back, WingRiders, a decentralized exchange (DEX), was launched on the Cardano mainnet. As such, the DEX has been developed by Slovakian FinTech startup Vacuumlabs. The company initially got involved with Cardano in 2018, when its developers started work on Adalite, the web-based Cardano wallet.

WingRiders’s tenstnet had gone live in December last year, and since then people from the space were eagerly awaiting the launch. Back in January, Charles Hoskinson went on to claim that he too was “really looking forward to this DEX on Cardano.”

Right after the launch, Cardano’s exec asserted that Wingriders was one of “the most exciting” DEXes to launch. Notably, they’re bringing two ERC-20 stablecoins to Cardano: USDC and USDT.

Event or non event?

Well, back in January, when SundaeSwap—the first DEX on Cardano’s mainnet—went live, the price of ADA had climbed by >50% during the week leading up to the launch. Post the launch, however, the price of ADA kept falling. By mid-February, it had already created a new local bottom, implying that the then much-anticipated launch was a non-event. The rising TVL on the DEX during that period too couldn’t alter ADA’s fate.

Right before WingRiders’ launch, ADA yet again witnessed a pre-mature rally >50% in March. However, the launch did not act like a catalyst and triggered the price. At the time of press, ADA was trading under $1, at 0.953 to be precise, desperately attempting to negate its losses incurred on Monday.

Source: TradingView

Well, looks like this launch too, just like most recent launches, is a non-event for Cardano.