Cardano and IOTA Underperform the Market as They Evolve Into Ghost Chains

Cardano and IOTA, two of the best-known players in the crypto industry, have underperformed the market over time as they evolved into ghost chains.

Cryptocurrency

Two of the biggest names in crypto have underperformed the market over time as they evolved into ghost chains. A ghost chain is a blockchain whose coin is popular, but one that lacks a supportive ecosystem.

Cardano and IOTA are ghost chains

Cardano is a layer-1 blockchain that became popular in 2021 as a good alternative to Ethereum, which was a proof-of-work network at the time. Its popularity was partly because it was promoted as a peer-reviewed chain that would become a disruptive force in the industry.

But years later, Cardano has no major decentralized applications (dApps) running on its blockchain. For example, there are no popular decentralized exchanges (DEXes) and lending protocols. It has a total value locked (TVL) of less than $350 million. In contrast, newer blockchain networks like Base and Sui have attracted over $1 billion in assets.

IOTA, on the other hand, became popular for its insistence that it was not a blockchain network. Instead, it is a distributed ledger technology (DLT) that uses a technology known as tangle.

IOTA launched Shimmer, its EVM-enabled blockchain network in 2023 with a lot of hype. Many months later, it has also not attracted major Dapps.

As a result, many investors have abandoned ADA and IOTA as their prices have continued to underperform the market. Cardano price has crashed by 60% from its highest level this year, while IOTA has plunged by 75%.

Traders flock to Vantard

At the same time, traders are flocking to Vantard, an upcoming meme coin fund token that is in its presale stage.

Data on its website shows that the developers have now raised $808,240 tokens in less than three weeks. This trend makes it one of the best performing token sales this year.

The idea of a meme coin index fund is inspired by Vanguard’s success. For over three decades, Vanguard has become a financial juggernaut with over $8 trillion in assets. Most of these funds are made up of mutual funds and exchange-traded funds that track either stocks or bonds.

Vantard hopes to create a fund made up of the top-performing meme coins in the industry. It is based on the view that meme coins are more volatile than other traditional cryptocurrencies, especially during bull markets.

Some of the most notable performers in 2023 were cryptocurrencies like Popcat, MICHI, Fwog, Gigachad, and Moo Deng.

Vantard’s performance will also be influenced by the ongoing interest rate cuts by the Federal Reserve. Analysts expect the Fed to slash interest rates by 0.25% on Wednesday this week. It will also hint that it will deliver more cuts in the coming meetings.

Bitcoin and meme coins like Vantard tend to thrive when the Fed is cutting rates. You can find out more about Vantard and buy the VTARD token here.