Cardano (ADA) witnessed a nearly 10% downfall on a recent Friday, going hand-in-hand with a wider market downfall. The token, last traded just above $0.32, had slid over 15% from its before-session highs of $0.38. Coinciding with the tremendous market fluctuations, the trading volume of ADA noted a considerable leap, nearly touching $1 billion across major spot exchanges in the past 24 hours, according to CoinGecko.
The dizzying market volatility appears closely linked to the US judge’s ruling that XRP is not a security, and Ripple’s XRP sales through public exchanges did not equate to offering an investment contract, thus uplifting the market sentiment. However, the same judgment stated that Ripple’s institutional XRP sales breached federal securities law, providing a hazy regulatory picture.
The hurdle passed by ADA through the $0.35 resistance assumes ADA’s future retests will be less daunted psychologically, despite its near-term outlook being marred by confusion due to the recent pullback. Those who can hedge risky ventures might now lean towards investing in this token, especially with the prospect of the US Security and Exchange Commission (SEC)’s claim of ADA being a security possibly undermined by the aforementioned XRP ruling.
Moreover, this asset’s relative historical affordability and potential for moving capital into the Cardano blockchain’s Decentralized Finance (DeFi) ecosystem, holds potential bullish signs for ADA over the upcoming weeks and months, potentially testing yearly highs above $0.46.
On a side note, the attention-seeker among coins of the hour seems to be Mr Hankey Coin (HANKEY), based on the South Park character of the same name. Enjoying a resounding DEX launch on a recent Friday, it brags about being the meme coin world’s elite ‘shitcoin’. Currently, the coin is on an over 200% upswing since its launch on Uniswap.
This isn’t to say the coin is the next Bitcoin, but the elements for it to be the potential next 10 or even 100x meme coin aren’t absent. The reasons for this include it’s massive liquidity lock, low market cap, rapidly expanding social media community and trending status on DEXTools.com.
However, investing in a crypto asset is a high-risk move, and a coin such as Mr. Hankey Coin comes with no assurances. Thus, the potential for it to soar is high, it’s important to remember that there’s an equal or greater potential to lose all of your investment capital.
Source: Cryptonews
