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Cardano's new star in the ecosystem emerges, ADA faces short-term pressure requiring time for recovery
【Crypto World】The Cardano ecosystem has been buzzing recently. The privacy project Midnight ($NIGHT) has seen a surge in popularity, and even more astonishing is that its price performance has surpassed BTC and ETH — a first within the native assets of Cardano. This phenomenon is indeed eye-catching.
In response to community concerns about the long-term stagnation of ADA’s price, the project’s founder Charles Hoskinson addressed the issue. He acknowledged Midnight’s recent achievements and expressed optimism that the rise of such projects could inject new vitality into Cardano’s DeFi ecosystem. However, regarding ADA’s overall weakness, his view is very candid — this is not just a Cardano problem, but a pain point that the entire crypto market is digesting.
Hoskinson described the current market situation as somewhat painful: scams rampant, manipulation widespread, and sentiment shattered. It may take several months for the market to truly regain confidence. Currently, ADA’s price has been held below $0.40, and technically, it remains in a downtrend. In the short term, this correction may continue, but from an ecosystem development perspective, the emergence of innovative projects like Midnight at least shows that Cardano’s appeal still exists.