In the last 24 hours, there have been valuing gains by Cardano (ADA) of at least 9.5% for the reason that it has been inducted into a Metaverse project known as “Pavia”. Past seven-day data shows that ADA’s value has been increased by almost 31% and it has now become the fifth largest cryptocurrency in the world in terms of its market cap.
While Ethereum and Bitcoin are failing in making any gains on the other hand Cardano has been making some exceptional gains since the past week. In the past 24 hours alone, Cardano’s value has surged by more than 9.5%. Examining Cardano’s last seven days’ performance, it shows an increase in value of roughly 31%.
Cardano, which is also known by its short name “ADA”, is one of the prominent cryptocurrencies of the world. With the latest value surge, it has now become the world’s fifth-largest cryptocurrency with regard to its market cap. Its primary purpose is to serve as a ‘smart contract crypto’ and has a network that is similar to that of Ethereum. Similarly, ADA’s year-to-date gains have been more than 336.5%.
For the past many weeks, however, Cardano was being criticized for not being able to fully serve its smart contract purpose. In addition, within the decentralized finance sector as well as in the NFT market, Cardano was apparently non-existent. This led to the frustration of ADA’s supporters as they couldn’t use the most-wanted features of the digital industry i.e. DeFi and NFTs.
Now the recent push of ADA’s price is because of its capability to eventually enter into the NFT market. ADA has been finally able to attract NFT projects of Cardano Kidz, Clay Mates, Spacebudz, Yummi Universe, and the recent being Pavia.
Pavia is in fact a project of Metaverse where virtual lands, goods, and items are auctioned in an open market. Cardano has been inducted by the Pavia project officially which has eventually led to the latest price surge for ADA coin.
Metaverse has been a new fad in the digital economy sector and Cardano joining the Metaverse is a landmark achievement. It is said that with the integration of ADA coin into the Metaverse, the smart contract coin will compete with projects like The Sandbox. Currently, The Sandbox is one of the most prominent Metaverse projects which has concluded billions of dollars in sales past month.
It has been officially announced by Pavia that they have exclusively added Cardano for ensuring their support to ADA supporters. Now the in-game virtual lands can be bought against ADA coins, said Pavia in the announcement.
Would ADA be able to bring back its All-Time High (ATH) value of September 2021, when it was trading at US$ 3.09? ADA’s present value is 50% less than its ATH but supporters believe that Metaverse will change the future scenario of ADA coin.