Cardano Updates: Price Drop, Champ Medici Joins Clay Mates and More

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Cardano Updates: Price Drop, Champ Medici Joins Clay Mates
  • Snoop Dogg’s son Champ Medici officially joined Clay Mates, a Cardano-based NFT project.
  • Proponents believe Cardano’s Vasil hard fork could get delayed as test is “catastropically broken.”
  • Cardano bleeds as outlook turns negative, decline to $0.45 is likely.

Champ Medici recently announced his support for a Cardano-based NFT project Clay Mates. Snoop Dogg and his son Champ Medici are NFT influencers, popular in the crypto community.  Claymation arts and culture is a project founded on Cardano. The Clay Mates NFT project is under development and Champ Medici has joined the team for strategic partnerships.

Despite the development of new Cardano Projects, dApps and NFTs, there is a decline in the Ethereum-killer’s price. There are three likely reasons for Cardano’s price drop. Adam Dean, a leading Cardano developer identified a major bug in the Cardano node, leading to the breaking of the testnet.

Proponents consider this major bug a cause of delay for the Vasil hard fork. On August 18, Dean shared the details of the bug with the Cardano community. Dean noted that its important to note that the Cardano testnet version was ready for the Vasil hard fork. However, the discovery of the bug in Node v 1.35.2 implies that Cardano test is “catastrophically broken.”

Dean was quoted as saying:

This bug was only discovered because operators rushed to upgrade on Mainnet and it was creating incompatible forks and causing a decrease to chain density. Testnet is still broken, due to the majority of operators having upgraded to 1.35.2 on testnet to simulate a Vasil hard fork event there, 1.35.3 is now incompatible and incapable of syncing the chain.

As a result of the broken testnet, delay in Vasil hard fork and declining trade volume, Cardano is likely to continue its downtrend. Cardano price is likely to revisit the monthly low of $0.40 if the downtrend continues.

ADAUSD Perpetual Contract (Source: TradingView)

Cardano’s next resistance is $0.50, breaking past this level the altcoin is likely to begin its recovery. This could invalidate the bearish thesis. However, if the downtrend continues, a drop to the $0.40 level is highly likely.

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