The crypto market is rife with speculations. That’s true. However, coincidences are a rare thing. Every rumor and every development triggers frantic buying and selling of assets. So, when one token loses and the other gains, there’s a good chance that the behaviors are closely related. Such conjectures get validated with more evidence of tangled behavior. Consider the case of Snowfall Protocol (SNW), Shiba Inu (SHIB), and Cardano (ADA). Snowfall Protocol (SNW) has consistently claimed new highs with each passing week since its launch. And coinciding with this launch, Shiba Inu (SHIB) and Cardano (ADA) appear to be seeking a bottomless pit.
Shiba Inu’s Unstoppable Slump
On a micro level, things are going great for Shiba Inu. Shiba Inu’s card game, Shiba Eternity hit a new milestone in customer rating as it reached 5 stars from its previous 4.9 stars. Additionally, Shiba Inu will soon be accepted by Google Cloud as payment for its cloud services. None of these developments have managed to turn what increasingly looks like a nosedive in Shiba Inu’s price. Why?
The answer to this question can be found in a newcomer to the De-Fi industry, Snowfall Protocol (SNW). Snowfall Protocol (SNW) is a cross-chain bridge that connects several cryptos, NFT platforms, NFT marketplaces, and other blockchains. Unlike other cross-chain bridges in the market, Snowfall Protocol (SNW) is connecting new cryptos and NFT platforms to its bridge at an accelerated pace. This does not bode well for Shiba Inu, which is a meme coin, and a copycat of Dogecoin, another meme coin. Users and developers can quickly drop Shiba Inu in favor of dozens of other copycats that offer precisely the same features as Shiba Inu and more – faster transactions, lower fees, more security, and so on.
Snowfall Protocol’s (SNW) arrival has triggered a migration of users from Shiba Inu, and no good news appears to stop it.
Cardano’s (ADA) Burgeoning Weakness
Cardano (ADA) has attracted thousands of developers to its platform in recent weeks. However, the claims by Cardano’s founders regarding its adoption remain questionable. A few months ago, Cardano had a total value locked (TVL) of a mere $63, which is abysmal for a $12 billion market cap cryptocurrency. That proves that most of Cardano’s users are small-time retail investors. Cardano has received no love from institutions and developers.
Unlike larger coins like Ethereum, Cardano does not have a sizeable thriving ecosystem of developers. On the other hand, it does not offer hard-to-replace utility to any niche groups on Metaverse. So, Cardano is neither here nor there. Against this background came Snowfall Protocol (SNW). Snowfall Protocol (SNW) makes it possible for users to buy NFTs on Cardano and use them on Decentraland or Sandbox, or any of the numbers NFT-supporting platforms really.
WithSnowfall Protocol (SNW), users can buy cryptos or NFTs on one platform and hold or use them on another. So, why should developers or users stick to any one platform? NFT developers can benefit greatly from moving to a platform that costs them the least in transaction fees and development. Or, they can move to platforms where their users actually use their NFTs – any of the game-Fi platforms.
Snowfall Protocol (SNW) is challenging the dominance of cryptos like Cardano by making even the latter’s smallest competitors their biggest challenges.
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