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Cardano and Shiba Inu are among the hottest crypto networks in the Cryptoverse. However, these altcoins are very competitive regarding market reach and blockchain developments. During the past weeks, Shiba Inu has been rocking the crypto space with its NFT and metaverse technology. In detail, Shiba Inu partners with Haute couture brand John Richmond. As a result, The Legends Live Forever campaign by John Richmond is set to launch 10,000 NFTs in their physical versions. On the other hand, Cardano (ADA) stands strong against the bloody market with its huge market capitalization of over $30 billion. This market performance of crypto is due to its aggressive technology development in the space. Specifically, the IOHK and the Cardano development team are working on creating the Vasil hard fork. As per Hoskinson, the hard fork upgrade will bring massive performance improvement to Cardano. In Shiba Inu vs Cardano, which is the best crypto to buy before 2023?
Both crypto assets show potential in terms of blockchain development. Hence, it is up to traders and investors what to pick as the best crypto to buy before 2023. However, it is recommended to first study cryptocurrency prior to investing in it to avoid losses that cannot be recovered.
Shiba Inu is a meme coin on a completely different level than most other meme currencies, which are known to benefit from the publicity and attention that comes with being popular. As a breed that has evolved to the point that it may be put to various uses, the Shiba Inu doesn't need the spotlight to succeed.
Because of this, Shiba Inu is a formidable, worthwhile, and modern cryptocurrency. Since Shiba Inu is built on Ethereum's blockchain, you can rest assured that all of your transactions will be safe, reliable, and decentralized. After starting as a meme token backed by a community, Shiba Inu has expanded into a multi-billion-dollar cryptocurrency project with access to trillions of currencies.
The idea that Cardano is all-or-nothing is fundamentally flawed. During the bull run in early 2021, ADA shot past a price of $1 as the rest of the cryptocurrency market went into overdrive.
By late August, the price of ADA hit $3 – that's a 200% increase on our current ADA target of just $1.
Cardano did that without being the world's most decentralised blockchain, and without even having smart contract capabilities. According to the latest Cardano weekly update some 91 projects have launched on the Cardano blockchain since smart contract functionality was introduced with the Alonzo hard fork in September 2021.
More than 1,000 projects are also in development on Cardano.
One of the main sources of FUD for Cardano is that the blockchain platform has a very low total value locked (TVL) compared to blockchain platform rivals like Ethereum, the BNB Chain, and Tron – the FUD says that Cardano needs to beat the TVL of these rivals or it has no chance of success.
According to DeFi Llama, Cardano's TVL is $270 million. This puts Cardano in 29th position with Ethereum in the top spot with $54.7 billion TVL, BNB in second with $6.6 billion TVL, and Tron in third place with $5.92 billion.
But as Cardano founder Charles Hoskinson pointed out in May, DeFi Llama does not factor in Cardano staking to TVL. This is because you do not need to lock your ADA tokens away to stake them – instead, you use one of the dedicated Cardano wallets like Daedalus.
Cardano has one of the highest percentages of total supply staked in this way with 73% of all ADA in an unlocked staking pool. Factoring this in would give Cardano a TVL of $14 billion today – i.e., putting Cardano in the second spot above BNB and all its other rivals.
If we consider that Cardano actually has the second-highest TVL of all blockchains in crypto, its 8th position in the crypto market cap rankings starts to make more sense. With a current price of $0.534, Cardano has less distance to get to $1 and is sure to hit this figure at the onset of the next bull rally in 2023
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
