Lately, it feels like Cardano (CCC:ADA-USD) has gotten lost in the shuffle as other altcoins have garnered more attention. That’s a shame, as Cardano is an affordable digital asset that still holds great promise.
Indeed, there’s an angle here which you might not have considered. Without a doubt, there’s some overlap between environmentalists and cryptocurrency enthusiasts. However, crypto miners have been accused of consuming too much energy.
That accusation might be unwarranted. A recent partnership between the Cardano Foundation and a climate solutions specialist could prove the crypto critics wrong.
Moreover, the facts will reveal that ADA hasn’t been ignored by loyal cryptocurrency investors. While the media might not always report this, there’s vast ground-level support which cannot be denied.
Analyzing the Cardano Price
This year has been amazing for Cardano. The token’s price has blasted off from just 18 cents in January, to more than $2. The ADA price even touched $3 briefly in early September. This happened during a broader cryptocurrency market rally — arising tide lifts all boats, as they say.
Still, the run-up to $3 was too much, too fast. It was perfectly reasonable for Cardano to pull back to $2 by early November. That drawdown represents a 50% discount, so an argument could be made that ADA is actually cheap.
So, if you’ve been waiting patiently for a dip to buy, this could be your last chance to get on the train before it leaves the station.
Restoring the Land
Just to recap, Cardano was founded in 2015 by Charles Hoskinson and launched in 2017 as a tradable token. It’s sometimes characterized as a “by the people, for the people” type of currency.
For years, Cardano has been used for benevolent purposes. For instance, it was deployed in an initiative to help reform Ethiopia’s education system. In the 2020’s, environment-friendly ventures aren’t just a trend — they’re potentially changing the world for the better.
As part of this movement, the Cardano Foundation is partnering with reforestation project facilitator Veritree. Veritree is no stranger to blockchain technology, as the company uses it to provide planting organizations with an integrated planting management platform.
Reportedly, the aim of this partnership is to help Veritree register all its global land restoration efforts on the Cardano blockchain.
Furthermore, a tweet from the Cardano Foundation explains that the Veritree alliance will lead to “improved transparency… immutability… auditability… easier protecting & tracking.”
Even prior to this collaboration, Cardano has been known as a green blockchain due to its relatively low energy consumption.
Now, ADA holders can rest assured that they’re supporting an Earth-friendly initiative, powered by the blockchain.
A Major Milestone
Clearly, Cardano is a coin which the HOLD-ers (investors who “hold on for dear life”) can feel good about owning. Besides, you’ll be part of a fast-growing movement if you hold ADA. If you need proof of this, check out a tweet from the Cardano Foundation which celebrates a significant milestone.
“OVER 2 MILLION ADA WALLETS,” was the headline of the tweet. As it continues to say that, “It wasn’t long ago that we were celebrating hitting our 1 million mark and now we hit a whopping 2 million #ada wallets!”
Talk about scaling up — this is a doubling in a matter of months, as the previous milestone of 1 million ADA wallets occurred on May 22. So, just because the Cardano price has pulled back, doesn’t mean that the movement is slowing down.
As Aleksandra Huk put it:
“#Cardano has reached over 2M wallets. The fact that the $ADA price was stagnant for weeks, doesn’t change the fundamentals. Don’t doubt your choices & you will be rewarded.”
The Bottom Line
There’s no need to generalize that all cryptocurrencies are environmentally unfriendly. The Cardano Foundation is taking the green blockchain seriously with its Veritree collaboration. Hopefully, more crypto developers will embark on similar Earth-friendly initiatives and partnerships.
Feel free to join the fast-growing movement, then, with a small but confident position in Cardano.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
David Moadel has provided compelling content – and crossed the occasional line – on behalf of Crush the Street, Market Realist, TalkMarkets, Finom Group, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.