At press time, Cardano is ranked the 7th largest crypto asset on CoinMarketCap with a market cap of $18.3 billion.
American entrepreneur billionaire Mark Cuban said he believes that Dogecoin (DOGE) has more applications than Cardano (ADA). Again, the billionaire stated his stance about Cardano in an interview with Altcoin Daily. In his opinion, Dogecoin has more potential applications for the time being despite that Cardano may have greater opportunities as a smart contract. He continued by saying that Africans are not using the blockchain as much as they expected to. The entrepreneur said in a statement that Cardano had made insignificant impacts despite launching a smart contract about a year ago. He mentioned that there are no significant impacts on the Cardano blockchain after examining the number of transactions on the blockchain.
Speaking further, he said he does not consider market valuation as a good measure of the inherent value of a crypto project. Referring to Cardano’s current running, he noted:
“If you do enough staking, and you have enough inflation, and you can stake enough that people don’t sell too much, you’re gonna have a big enough market cap.”
At press time, Cardano is ranked the 7th largest crypto asset on CoinMarketCap with a market cap of $18.3 billion. After referring to Cardano, Cuban said meme coins like Dogecoin and Shiba Inu are some of the cryptos with “huge market caps.”
Mark Cuban Inquires About Cardano Use, Believes Dogecoin Is More Useful
DOGE is currently ranked 11th largest crypto with more than $9.3 billion in market valuation. Shiba, on the other hand, is in 16th position. In the entrepreneur’s opinion, crypto projects based on the blockchain are still a business regardless of their ranking and large market cap. At press time, ADA is trading up 5.16% to $0.5337 while DOGE is up 3.17% to $0.07077.
This is not the first time Cuban, who owns BTC, ETH, and Dogecoin would ask questions about Cardano. Last year, the billionaire inquired about Cardano’s use in a tweet. Quoting a tweet, he wrote:
“Are you, personally? Able to use ADA for anything? If so, what have you used it for ? That’s The question I ask about all Crypto. Do you find yourself using it for anything that you find value in ?”
In response, IOHK founder Charles Hoskinson told Cuban he was breaking his heart and asked for them to chat.
Separately, Cuban also spoke about The Merge upgrade in his interview. He mentioned that there are uncertainties surrounding the upgrade and the successful transition largely depends on if more applications gain adoption.
Ethereum foundation developers have agreed that The Merge will finally happen on the 19th of September. The upgrade involves Ethereum transitioning from a Proof-of-Work (PoW) consensus model to Proof-of-Stake (Pos). The development will be a significant milestone for blockchain technology as the network’s energy will reduce by as much as 99%.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
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