Cardano’s thriving DeFi ecosystem might be the key to resurrecting the ADA price surge despite all the regulatory scrutiny from the United States Securities and Exchange Commission. The growing stats of users, total locked value (TVL), and transactions show that the ecosystem is starting to gain adoption, which should translate into recovering ADA prices later down the line.
While we wait for ADA to head back toward the $0.385 resistance, we’ve found a potential moonshot gem for you to look at. Keep reading to get updated on the latest in the Cardano DeFi ecosystem and learn about this gem that’s attracted over $10 million in funding and the attention of Elon Musk in just one month.
What you'll learn 👉
Unveiling Cardano’s Thriving DeFi Ecosystem
The Cardano DeFi ecosystem is thriving as it hits new record metrics. Despite the onslaught from regulators, who labeled Cardano’s ADA an unlicensed security, Cardano continues to innovate its network and expand its ecosystem through its DeFi protocol.
The TVL in Cardano’s DeFi ecosystem dropped by over $50 million following the announcement of the SEC’s lawsuit against Binance and Coinbase. However, the ecosystem seems to hold strong amidst the SEC regulation chaos as the TVL starts to recover, bouncing back above $150 million USD locked in the past few days;
The recent DeFi TVL surge higher now means that Cardano’s ecosystem is outperforming all its competitors as they struggle to recover from regulatory scrutiny. As a result, the TVL on the Cardano DeFi ecosystem, in terms of native tokens, is the highest among all other major chains;
TVL growth on Cardano was the highest among all the other major chains this year (figures are expressed in native currency) pic.twitter.com/Z6rsNVdQGk— Mini (@mini1pool) June 25, 2023
In addition to this, the ADA transaction on the DeFi network is starting to skyrocket after recording 2 million transactions in just 24 days;
#Cardano community, May was a MASSIVE month for our defi. In only 24 days @Cardano did 2 MILLION transactions. See below May 2 snapshot & todays data release. 🙌🚀 @cardano_whale @IOHK_Charles @ArmySpies @CryptoIRELAND1 $ADA pic.twitter.com/aGfoAzlOIy— Chris O (@TheOCcryptobro) May 26, 2023
Furthermore, the Cardano DEX, SundaeSwap, hit a 600k ADA milestone as the adoption of the decentralized trading protocol continues.
Finally, the total number of users staking ADA on the network is also growing, resulting in a 25% increase in staking rewards – pushing the figure as high as $3.2 million over the past 30 days.
Is This Enough to Resurrect ADA’s Price Surge?
With such strong growth metrics, investors are starting to wonder if the growth in the ecosystem will be enough to help ADA recover from the disastrous capitulation seen throughout June 2023. The regulatory pressure caused ADA to drop by around 35%, slipping from $0.375 to reach as low as $0.238 during the fall.
ADA has since rebounded from the lows as it looks to reclaim $0.3 first. A break above $0.3 should help the market return toward the June 2023 resistance at around $0.375. Interestingly, the resistance at this level is further bolstered by the January 2021 resistance – set at $0.385. A break above these two levels should set the stage for ADA to surge back above $0.4 and head toward the 2023 highs at $0.46.
The recovery in ADA is inevitable. With such a thriving ecosystem, it’s only a matter of time before the market catches up to the network adoption to set new 2023 highs for the token. In the meantime, let’s look at a new moonshot that can provide sky-high potential with just a small investment.
Wall Street Memes: A Small Investment Moonshot Alternative with Sky-High Potential
The entire eyes of the crypto industry are currently on Wall Street Memes as its presale crossed the $10.5 million milestone under a month from going live. This makes Wall Street Memes one of the fastest growing presales in 2023 as investors rush to get positioned early as they’re curious to see its long-term prospects.
Wall Street Memes is an alluring investment due to its ability to attract a cult-like following, its community-driven approach to generate hype, hilarious memes, and the attention it’s getting from notable entrepreneurs like Elon Musk.
The project represents the internet’s victory over greedy capitalists on Wall Street. It’s an extension of the GameStop fiasco in 2021, where the armchair investors on Reddit challenged Wall Street to their own greedy games and sent billion-dollar institutions into bankruptcy. Wall Street Memes wants to tokenize that movement with WSM to let people engage in continued speculation with a welcomed side order of hilarious memes to go alongside it.
Community Driven With Elon Musk Showing Interest
The Wall Street Memes is a community-driven project, so the team decided not to allocate any tokens to themselves in the presale – demonstrating their long-term commitment to the project. Instead, the entire 2 billion WSM supply is dedicated to the community, with half being sold in the presale and the other half being reserved for liquidity on exchanges and providing airdrops to community members.
The project has attracted a cult-like following, achieving over one million followers across its social media profiles. This huge community helps the project to embody the two fundamental values that cause memecoins to thrive – hype and FOMO.
The FOMO is officially setting in as the presale raised $10 million in a month, making it one of the most sought-after presales in the memecoin sector.
The hype for the project is just beginning. The word is starting to spread about WSM’s potential, which attracted the attention of Elon Musk – who has a deep affection for memes. The space entrepreneur and Twitter CEO has interacted with the Wall Street Memes Twitter profile on several occasions, sparking a debate as to whether the billionaire has found a new project to support alongside his love for Dogecoin;
🤣— Elon Musk (@elonmusk) April 22, 2023
Huge Community Generating Hopes For Major Tier-1 Listings
In addition to the attention from billionaires, the huge community for Wall Street Memes puts it in a position for an immediate major tier-1 listing as soon as the presale ends. Tier-1 exchanges are expected to scramble to list WSM to take advantage of the enormous trading volumes generated from its mammoth community – translating into revenues for the exchange. In fact, analysts are expecting either Binance or OKX to be one of the first major tier-1 exchanges to rush to list WSM following its presale.
Besides the hilarious memes consistently posted on the WSM Twitter profile, Wall Street Memes has gained traction because it’s connected to Wall Street Bulls. This NFT project sold its entire collection in less than thirty minutes in 2021. Now, that same community wants to support WSM to the same extent, helping it to become the next memecoin sensation in the sector.
Although the project has no intrinsic utility, the strength of the project lies in its robust community behind it.
YouTube and Twitter analysts are also on board. For example, Crypto Gains – a YouTuber with over 100K subscribers – believes WSM has the potential to surge by 100x for early adopters;
Furthermore, Jacob Bury also believes that WSM Is the next PEPE coin with an expected Binance listing;
No slowing down for $WSM as it combats the $2m raise mark! This #memecoin is going to go wild!— Jacob Crypto Bury (@BuryCrypto) May 31, 2023
Next #PEPE coin, we could even see a #binance listing here! 👀
Presale link – https://t.co/xEHnShTANI#crypto #btc #wojak #rfd #BIAO #WFAI #PLANET #mong #HEX #BOB #LADYS #mmit💎 pic.twitter.com/NAAKULfl2K
Presale Blazing Through Its Stages – Invest Before Prices Increase Further
The presale for WSM uses a rising pricing strategy, meaning the cost for the token will increase during each subsequent presale stage. As a result, those investing in the earlier stages stand to benefit the most as they leave the presale with higher levels of unrealized returns once the token hits tier-1 exchanges.
The great news is that you’re still early, but these low prices won’t stick around for long. Nevertheless, with the hype setting in for the project, the WSM is expected to moonshot once it hits exchanges – providing notable returns for all early adopters.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com