At the peak of the 2020 to 2021 bull run, ADA, the native token of Cardano, rose to $3 in August. Interestingly, developers activated smart contracts around the top of this cycle after completing the Alonzo hard fork, ushering in the Goguen phase.
Did Alonzo And Smart Contracts Kill ADA?
However, as Atomic Wallet analysts note, ADA has been on a downtrend since then, crumbling by over 90% over the years at the time of writing. ADA is changing hands at $0.32 when writing, finding immediate support at around $0.30, a psychological number.
Though traders are optimistic about what lies ahead, the turn of events over the last three years could suggest that the activation of smart contracts on Cardano did “kill” the coin’s valuation. The plummeting prices, made worse by the 2022 crypto winter, mean those who bought in August 2021 are holding mud.
Whether ADA will recover in the coming weeks and rewind losses of 2022 remains to be seen. What’s clear is that the activat
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