Cardano Revenue Drops to 3-Year Low Amid ETH Surge

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Following the ETH ETF approval with retail investors switching focus to Ethereum markets, SOL, BTC, and ADA have been struggling for traction amidst a broader market downturn. The Cardano price closed at $0.44 on May 2024, down by 12% in the last 10 days. Furthermore, Cardano pulled 11,970 ADA in total transaction fees on May 26, which is 63% lower than its March 2024 peak of 32,480 ADA. Notably, it is the lowest daily transaction fee recorded since 2021. The Cardano stakers could shift to more profitable PoS protocols in the days to come if the revenues continue falling.