Crypto’s next big thing raises questions while the price surges

The meteoric rise of Cardano over the past three months is catching the attention of some of the savviest investors in cryptocurrencies.

Billionaire Michael Novogratz sought to crowdsource information on the digital token, also known as Ada, on Tuesday, asking for help to explain the more than sixfold surge since the middle of December that briefly made it the third-biggest cryptocurrency by market value after stalwarts Bitcoin and Ethereum.

Novogratz isn’t the only one asking what’s going on with a network that still lacks many functionalities available on its more established rivals. That hasn’t stopped it from developing a loyal following on Reddit, similar to many of the so-called meme stocks that surged at the start of the year. Unlike the likes of GameStop Corp., Cardano has been able to maintain its upward momentum.