The Cardano Foundation has partnered with the Olympic Committee to bring sports to blockchain technology. This collaboration aims to unlock the full potential of emerging technologies such as AI and the Internet of Things (IoT). This will increase organizational transparency in sport and create new opportunities for engagement with athletes, coaches and support teams. Will the officialization of the Cardano-Olympic partnership cause the price of ADA to move up the charts?
To do this, we need to carefully observe what happens after the announcement is made public. ADA fell 5% after the Olympic Committee revealed a partnership with Cardano on blockchain solutions. The news failed to push altcoins higher with little price spike. ADA is currently trading in the $0.16 range and is likely to move further south. There is no hype around this partnership as traders feel there is not much for the Cardano Foundation to gain.
Despite Cardano’s Olympic partnership, why hasn’t ADA been able to rise?
The cost of hosting the Olympics is temporarily high, and the country hosting the Olympics ends up spending a huge amount of money. Sports as a whole are also becoming worthless in this fast-paced society, with very few people keeping up. It has become a superficial sport that is only watched by countries that win the most medals. Others just ignore it or skim the news and move on. Therefore, Cardano’s native token ADA did not move the needle even after the Olympic partnership.
While there is no doubt that the move to incorporate sports into blockchain technology is laudable, the business behind it is causing traders to ignore it. ADA will not rise due to the partnership with Olympic, but Cardano will do its job moving forward. The relationship between Cardano and ADA is not completely intertwined as one is a business and the other is just an altcoin running behind it.
