Cardano: Snoop Dogg launches NFT group on Cardano – is ADA now capitalizing on the NFT hype?

Cardano (ADA) cryptocurrency is currently ranked 8th among all digital currencies when it comes to market cap. With price losses of about 8% in the past week, it has fallen below the psychologically important level which is the US dollar. After a temporary hike, ADA is getting cheaper again. Anyone who invests in cryptocurrency should always consider one (or more) investment cases. At Cardano, that could include the famous NFT teams. An increase in the booming NFT trading on the Cardano platform could lead to an increase in the price of ADA based on SOL or ETH. Rapper Snopp Dogg recently announced the release of a new NFT group on Cardano. But can ADA coin really benefit from the NFT hype?

Snopp Dogg: Rapper and NFT are now based on Cardano

Snopp Dogg has been very active in the NFT space for some time. Now the prominent NFT fan is relying on the Cardano network for his next block, having previously favored the deployment of non-fungible tokens on the Ethereum blockchain. With partner Clay Nation, they unveiled their latest NFT collection, which is said to consist of “Pitches” in a very limited edition. Even some of the rap legend’s tunes were unheard of.

There is no doubt that interest in NFT trading venues via Cardano is on the rise. The increased demand should also drive the ADA cycle.

After Ethereum and Solana, will Cardano also benefit?

First comes Ethereum, then nothing for long and then Solana. The total size of NFTs in all series can be described in a similar way. Cardano is still a small fish in the competitive shark aquarium in the NFT market. However, this could change. At the same time, the excellent price development of SOL showed that it does not need a large market share to take advantage of the price. Instead, it is enough to imagine one becoming a big player in NFT in the future. With more attention from Snopp Dogg, Cardano also appears ready to undergo a similar evolution to Solana.

Transformation into Metaverse

In the long run, the Metaverse could become a huge trend that catapults the digital age into a new era. Because more and more companies and crypto projects rely on Metaverse. NFTs play an important role in representing ownership in Web3. If the Metaverse becomes a reality, cryptocurrencies that are also early adopters of NFTs can benefit. The next few months will show if it’s still early enough for Cardano. With Snopp Dogg NFTs, the first step is taken. But the blockchain-owned NFT trading venues must continue to release non-fungible tokens in order to gain market share.

ADA remains the top pick for 2022

Quite a few experts believe that Cardano is capable of developing a much higher than average price in 2022. ADA is often rated as undervalued. Major investors have now collected about half of the ADA tokens in circulation. This puts the share of Cardano whales at their highest level in two years. Meanwhile, the “Vasil” Cardano Hard Fork is scheduled to be introduced in June, during which several improvements to the blockchain will be implemented. Hard Fork aims to provide various measurement solutions to increase transaction productivity and improve the system. Cardano is becoming more and more attractive to DeFi, smart contracts, DEX, and NFTs.

This cryptocurrency is an exciting addition!

With an ADA of less than $1, Cardano investors will have to be cautious again in the short term. Because further corrections seem technically possible. On the other hand, crossing the psychologically important price boundary again could pave the way for the next recovery rally. But there is no doubt that crypto enthusiasts should not put everything on one card in 2022 either.

Lucky Block is an exciting addition for investors with greater risk tolerance and upside potential. Because Lucky Block is still a young cryptocurrency. New currencies usually have huge price potential with inherent risks. With Lucky Block, a basic use case is built from scratch. Because the developers and the team behind LBLOCK want to build a global crypto lottery. Now, after a sharp correction that followed the initial performance of more than 60000%, there could be a rapid rally again soon.

Here’s why the value of the Lucky Block has gone up over 300%!

Reaching a record high about three weeks after listing on PancakeSwap suggests a price potential of over 300%. After a typical correction after the initial hype, these price gains don’t seem unrealistic. Because little has changed in the Lucky Block since the massive sale. Instead, there are still several development steps to come, which could support the exciting idea with fundamental successes. Online gambling is also an exciting growth market. With multiple draws per day, participants get more chances to win while keeping costs low.

The next development steps are for the iOS app, web app, and update the already published Android app. With a high-quality user interface and reliable work, one can pave the way for crypto lottery success here.

When the first lottery draw takes place in April 2022 and is followed by other listings in the stock market, the next hype appears likely. It is then possible to write all new highs and achieve an implied price potential of over 300%.

Daniel Ruprecht

After studying law and management, I decided to work as a freelancer. For many years, my focus when writing texts has been on the topics of investment, capital markets, and business. In my private life there is not a day without the stock market, stocks and the like.

Every trade is risky. There is no guarantee of winning. Any content on our site is for informational purposes only and does not constitute a recommendation to buy or sell, and this applies to assets as well as other products, services and investments. The opinions expressed on this website do not constitute investment advice and independent financial advice should be sought whenever possible.

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