Cardano’s ADA has been a divisive project over the years. The team behind Cardano, led by Charles Hoskinson, has been inspired by the world of science publishing and has adopted a peer-reviewed approach for their token.
Despite being home to smart contracts and recently undergoing the Chang hard fork, which introduced on-chain governance and ushered in a new era for Cardano, the price of ADA is struggling to build up bullish momentum.
This lethargic performance has pushed some industry experts to label ADA a “cult coin” that only enriches its founder, Hoskinson.
How Does ADA Stack Up Against BNB?
A well-followed analyst on the X platform has criticized Cardano’s lack of progress, especially when likened to Binance-affiliated BNB.
In a Sept. 15 X post, Master Kenobi noted that he sees a stark difference in the two projects in terms of their approaches and price performances. While ADA has largely focused on making its creator, Charles Hoskinson, rich through his “brainwashing sessions” (long AMAs), BNB is focused on utility, high performance, decentralization, adaptive technology, and industry compatibility.
“IMO #BNB is the only coin that can be considered a true store of value due to its utility,” Kenobi wrote. “ADA is just a cult coin”.
Nothing VS Everything in 2330 DaysFrom time to time, it's good to remind the community what a wrong bet with your money looks like. The chart below illustrates the evolution of #ADA #Cardano compared to #BNB, two projects with different approaches and very distinct… pic.twitter.com/39XJatbmvb
— Master Kenobi (@btc_MasterPlan) September 15, 2024
BNB is currently fourth-ranked on the crypto charts, with a market capitalization of approximately $78.3 billion as of press time. BNB is closely linked to the world’s largest crypto exchange by trading volumes, Binance. It was issued in 2017 and powered the blockchain ecosystem BNB Chain (previously known as Binance Smart Chain). Notably, Binance executes a regular token-burning process that decreases the outstanding supply of the BNB token.
BNB’s price floundered last year as legal woes mounted for the global exchange, most notably the U.S. Securities and Exchange Commission (SEC) lodging a suit against the exchange, its founder and then-CEO Changpeng Zhao, and claiming BNB was an unregistered security.
Pressure on BNB alleviated following Binance’s historic settlement with U.S. authorities — coughing up a gargantuan $4.3 billion penalty and CZ resigning —, and the token enjoyed a relief rally as investors’ concerns over the exchange dissipated.
In terms of price action, ADA has sunk by 4.3% on the day amid a market-wide downturn on Monday but has gained an impressive 6.4% over the last seven days. Contrarily, ADA lost 5.1% over the past 24 hours and has shed 2.7% of its value since the same time last week. The Chang hard fork that successfully went live earlier this month has not been enough to shake off the bears, as the coin’s price remains deep in the red.
