Fandom is Not Enough: Mike Novogratz Challenges XRP and Cardano Utility in 2025
Galaxy Digital CEO Mike Novogratz warns that XRP and Cardano (ADA) need to prove their utility and revenue potential to survive in a fundamentals-focused 2025 crypto market.
Can loyalty alone sustain a multi-billion dollar crypto empire? Mike Novogratz, CEO of Galaxy Digital, doesn't think so. As the crypto market matures, he's warning that XRP and Cardano (ADA) must prove they're useful beyond just their dedicated fanbases.
Mike Novogratz on XRP and Cardano Utility Issues
According to CoinDesk, Novogratz highlighted a growing divide in the industry during a recent interview. He argued that tokens not functioning as 'money' like Bitcoin will soon be valued like traditional businesses—based on revenue, usage, and measurable value. For long-standing giants like XRP and Cardano, the clock is ticking to show organic on-chain activity.
Charles Hoskinson has kept the Cardano community together with a blockchain that people don’t really use a lot. Can you keep it together when there are more and more options?
The Stark Data Deficit
On-chain metrics underscore these concerns. Despite XRP's massive $115 billion market cap, it recorded only 16,703 active addresses recently. Cardano fared slightly better with 19,000+ addresses. In contrast, Solana (SOL), with a market cap of $72 billion, regularly sees millions of active addresses, fueled by DeFi and apps.
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