There was a lot of talk about Cardano (ADA) being overvalued the past few months. Investors seemed reluctant to accumulate at prices above $0.05. The weekly chart for ADA/USD shows that since the month of September, we have not seen any real interest in Cardano (ADA) as an investment. There could be plenty of reasons for that. Perhaps some believed that Cardano (ADA) was overvalued while others thought that the market could go down more. However, the price is now below $0.05 which makes Cardano (ADA) neither overvalued, nor likely to drop significantly from current levels. Cardano (ADA) is one of those projects that is yet to be truly understood by the vast majority of the crypto community for its merits besides its potential as a lucrative investment.
As Vitalik Buterin, the founder of Ethereum (ETH) rightly pointed out few months back, the problem with the crypto community is that people are more interested in blockchain projects as an investment rather than as a technology they want to succeed. In their constant struggle to invest in useless sh*tcoins, investors are constantly ignoring the projects with solid fundamentals. They may not have a great marketing team to promote their work as most of the useless coins that overpromise and under deliver all the time, but they have a dedicated team constantly working on the tech to make sure that they have a working product first before delivering a half baked product.
One of the things about Charles Hoskinson, the founder of Cardano (ADA) is that the never believes he has all the answers. Most people in this industry are way too full of themselves. They believe as if they have the solution to every problem and they claim so with their shiny new sh*tcoins that soon lose their luster when they cannot deliver on what they promise. Projects like Cardano (ADA) on the other hand do not claim what they cannot deliver. Cardano (ADA) is still in its infancy and it has a long way to go from here. One of the things about investing in projects is that a lot of people seem to think it is about new innovative ideas or the next big thing. Well, it is not. It is all about people.
Chart for ADA/BTC (1W)
If a project has the best tech and process but not a good team, it is going to fall apart sooner or later. For instance, take Ethereum (ETH). They set out to do something no one had done before. The product is what helped them achieve a lot of success. However, the process and the people had drawbacks. The only reason projects like Cardano (ADA) are big competitors to Ethereum (ETH) is because they have better people and better processes in addition to having a better product. In the end, it all comes down to the right people. Charles with the help of his team members from IOHK has been one of the most positive influences in this industry. Investors might be reluctant at the moment to invest in Cardano (ADA) considering the prevalent FUD and negativity. However, soon as the dust settles, Cardano (ADA) is going to be one of the few projects at the forefront of the blockchain revolution.