To kick off the price movement, Cardano has taken up a new initiative NFTrees, will it work?
Cardano (ADA) recently joined the community of projects that develop smart contracts on the blockchain. The Cardano price has fluctuated a lot since then, but not too much right now. So to start flourishing again, Cardano has launched a new initiative. But will this idea work?
Why is Cardano price not making progress?
Cardano had a great month from late July and through August. The coin even made a new all-time high of $2.96 on September 3, but since then, its performance has been rather lackluster.
At press time, ADA is down 23% from its all-time high, despite multiple rallies of more than 10% in a single day. In particular, on September 22, ADA increased to 13.75% and the event had a strong impact on investors as more than 300,000 new people joined the network. However, the volume was not so great that it only increased by $3 billion.
Cardano addresses rise | Source: Intotheblock
While things are not as bad as September, at least October is not too harsh for this altcoin, but this time there has been no significant positive movement. In a way, right now Cardano’s price action is consolidating.
Despite multiple attempts to break the $2.34 resistance level that has occurred for almost a month now, it has not been broken.
Cardano price action | Source: TradingView
So what has the project been doing to change that?
Since the end of the Cardano summit, the Cardano Foundation has launched an initiative to promote a healthy environment as well as help increase Cardano’s DeFi adoption and participation using the environment as the tool.
Source: Cardano Foundation/Twitter
The discussion about the need for an eco-friendly token has been going on for a long time and heated up when Tesla discontinued the Bitcoin payment option citing environmental concerns. The initiative calls for donations of 15 – 1 million ADA to create a crop.
In doing so, the donor will also receive an NFT digital certificate, an “NFTree” art that varies in rarity depending on the amount donated and other perks. Since the strategy of playing on new regions has not been explored, it is impossible to say with certainty whether the idea will be an absolute success. How it might help the Cardano price is yet to be determined.
- If Buy Orders Continue To Pile Up, Cardano Price Could Rise To $2.83
- Japan’s Local Tax Bureau Is Investigating Individuals Who Profited From Buying And Selling ADA