Cardano: Snoop Dogg launches NFT collection on Cardano – is ADA now benefiting from the NFT hype?

The Cardano cryptocurrency (ADA) is currently in eighth place among all digital currencies when it comes to market value. With price losses of around 8% in the last week, it went back below the psychologically important mark of one US dollar. After a temporary rally, the ADA is getting cheaper again. Anyone investing in cryptocurrencies should always consider one (or more) investment cases. At Cardano, this may include the popular NFTs. An increase in thriving NFT trading on the Cardano platform could increase the ADA price a la SOL or ETH. Recently, rapper Snopp Dogg announced the launch of a new NFT collection on Cardano. But can the ADA coin really benefit from the NFT hype?

Snopp Dogg: Rapper and NFT fan is now addicted to Cardano

Snopp Dogg has been very active in the NFT area for a while. Now, the prominent NFT fan is relying on the Cardano network for his next collection, after previously preferring the release of non-fungible tokens on the Ethereum blockchain. Together with partner Clay Nation, they unveiled the latest NFT collection, which is said to consist of “Pitches” in a strictly limited edition. Some tunes from the rap legend are even said to be unheard of.

There is no doubt that attention to NFT trading venues via Cardano is increasing. Rising demand should also drive the ADA course.

Will Cardano also benefit from Ethereum and Solana?

First comes Ethereum, then nothing for a long time and then Solana. The total volume of NFTs on all chains could be similarly described. Cardano is still a small fish in the competitive shark tank in the NFT market. However, this may change. At the same time, the excellent price development at SOL showed that it does not need a large market share to take advantage of the price. Rather, the fantasy that one could become a major NFT player in the future is enough. With more attention from Snopp Dogg, Cardano also appears to be undergoing a similar development as Solana.

Transformation to Metaverset

In the long run, Metaverse could become a megatrend that throws the digital age into a new era. Because more and more companies and crypto projects are relying on Metaverse. NFTs play an important role in representing ownership in Web3. If Metaverse really becomes a reality, cryptocurrencies that are also early users of NFTs could benefit from it. The next few months will show if it’s still early enough for Cardano. With Snopp Dogg NFTs, the first step has been taken. But the blockchain-owned NFT trading venues must continue to launch exciting non-fungible tokens to capture market share.

The ADA remains the top choice for 2022

Quite a few experts believe that Cardano is capable of a price development well above the 2022 average. ADA is often classified as undervalued. Large investors have now accumulated about half of the ADA tokens in circulation. This puts the proportion of Cardano whales at the highest in 2 years. At the same time, Cardano’s hard fork “Vasil” will be released in June, which will implement several improvements on the blockchain. Hard fork aims to introduce various scaling solutions to increase transaction throughput and optimize the system. Cardano is becoming more and more attractive to DeFi, Smart Contracts, DEX and NFTs.

This cryptocurrency is an exciting addition!

Lucky block NFTs

With an ADA rate of less than one US dollar, Cardano investors once again need to be cautious in the short term. Because further corrections seem technically quite possible. On the other hand, a renewed overcoming of the psychologically important price limit could pave the way for the next recovery rally. But there is no doubt that cryptocurrency fans should not put everything on one card in 2022 either.

Lucky Block is an exciting addition for investors with a little more risk tolerance and upside potential. Because Lucky Block is still a young cryptocurrency. New coins typically have a huge price potential with inherent risks. With Lucky Block, however, a fundamental use case has been designed from the start. Because the developers and the team behind LBLOCK want to build a global crypto lottery. Now, after a sharp correction that followed an initial performance of over 6000%, an upward rally may soon come again.

Here’s why Lucky Block could go up over 300%!

Reaching the record high around three weeks after the listing on PancakeSwap implies a price potential of well over 300%. Following a typical correction after initial hype, such price increases do not seem unrealistic. Too little has changed at Lucky Block since the massive sale. Rather, there are numerous stages of development that can support the exciting idea with fundamental successes. Online gambling is also an exciting growth market. With more draws a day, participants have a better chance of winning, while keeping costs down.

The next development steps relate to the iOS app, the web app and an update of the already released Android app. With a high-quality user interface and reliable function, you can prepare the ground for the success of the crypto lottery here.

When the first draw takes place in April 2022 and other IPOs follow, the next hype seems likely. It is very possible that new all-time highs will then be written and the implicit price potential of over 300% will be realized.

Daniel Robrecht

After studying law and management, I decided to work as a freelancer. For many years, my focus in copywriting 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.

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

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