Cardano recently joined the bandwagon of smart contracts-enabled blockchains. The price has seen many ups and downs since then, but it’s barely moving at all at the moment. To set the price movement in motion, Cardano has taken a new initiative. But will it work for sure?
Why isn’t Cardano moving?
Cardano had a great month from late July to August. It even hit a new all-time high of $ 2.96 on September 3, but its performance has been pretty lackluster since then.
At the time of this writing, it was a solid 23% below its all-time high, despite several large daily increases. One such spike was on September 22nd, when ADA rose 13.75% and the instance had a heavy impact on investors.
The day after the surge, over 300,000 investors joined the network. The volumes weren’t that big, however, showing only a $ 3 billion increase.
The rest of the month saw no significant positive move either.
As bad as September was, October was at least not too hard for the altcoin. In a way, Cardano’s price action is consolidated right now.
Despite several attempts to break the $ 2.34 resistance for nearly a month, it remained unbroken. Although several wicks were passed through, ADA closed underneath.
What did Cordano do to change that?
Since the end of the Cardano summit, the foundation has taken an initiative to promote a healthy environment and to increase DeFi acceptance and participation of Cardano with the help of the environment as an instrument.
The discussion about the need for an eco-friendly token has been going on for a long time and picked up even more momentum when Tesla stopped paying in Bitcoin, citing environmental concerns. The initiative calls for a donation of 15-1 million ADA, which will lead to a plant being planted.
The donor also receives a digital NFT certificate, an “NFTree” work of art of varying rarity depending on the amount donated and other benefits.
Since the strategy is set in uncharted territory, it cannot be said with certainty whether it will be absolutely successful. How, if anything, it could help the price action remains to be determined.