In a recent tweet, Cardano founder Charles Hoskinson told the cryptocurrency that the cryptocurrency had entered a bear market while answering when asked about the poor performance of the digital currency ADA.

Hoskinson acknowledged that no announcement could make a difference to the price of the ADA digital currency.

Thus, the price of ADA will still struggle to gain any traction despite the improved technical functionality of the protocol and the growing number of users of the project.

After posting massive gains in 2021, ADA has underperformed notably this year, down more than 43% since the start of the year.

The price is now 77.44% lower than the high recorded in early September before the launch of the much-anticipated smart contracts.

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According to Input Output, approximately 900 Cardano-based projects are currently in the works.

In February, the number of ADA wallets exceeded three million.

Cardano’s active blockchain addresses have fallen to their lowest level since August, according to data provided by Messari.

Cardano has so far failed to launch an application that competes with other decentralized applications on other blockchain networks, so Cardano’s locked value has remained relatively low, which is currently ranked 31st in terms of total locked value (TVL), according to “DefiLlama” data.

Cardano-based Minswap lost 41% while SundaeSwap lost 36% in one month, according to data provided by DefiLlama.

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Earlier today, the bitcoin price fell to $33,265, the lowest since January 24, 2022, amid a brutal sell-off.

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