Cardano (ADA) Is “Vaporware,” Says Crypto Analyst Chris Burniske
Cardano continues to be criticized despite significant growth
Chris Burniske, a partner at Placeholder, has criticized Cardano as “vaporware” in a recent tweet referring to the ADA token’s underperformance.
— Chris Burniske (@cburniske) February 8, 2022
Last year he has commented that the project was mainly based on ‘hype’ rather than on content.
Burniske is far from the only Cardano counterpoint. Billionaire Mark Cuban also questioned the usefulness of the popular proof-of-stake blockchain.
As reported by U.Today, Galaxy Digital CEO Mike Novogratz called the community behind the project a “weird cult”, adding that its appreciation was shocking to him in an interview with Yahoo! Finance:
ADA has been underperforming the broader cryptocurrency market since his comment.
Cardano has lagged behind the broader crypto market since Mike Novogratz told me he was shocked by the tenacious strength of the #CardanoADA community
Since June 2021:
Bitcoin ️ 21%
Ether ⬆️ 31% https://t.co/fNCEpIa70Z
— Zack Guzman (@zGuz) February 7, 2022
The token is also down 17% since the beginning of 2022 and it is 62.82% away from regaining its all-time high.
Despite criticism, Cardano has shown significant growth over the past year. Earlier this month, the blockchain recently reached three million wallets.
According to a recent report published by the research arm of cryptocurrency exchange Kraken, the token’s recent price movements are directly linked to growing network activity.
SundaeSwap, the leading Cardano-based decentralized exchange, recently made its debut on the blockchain mainnet. Non-custodial banking protocol MELD, non-fungible token platform SpaceBudz and wallet extension Nami are among some of the most prominent projects building on Cardano.
The project is currently in the “Basho” era where developers will focus on creating scaling solutions for the blockchain.