- Cardano is facing skepticism, with ADA struggling post-2022’s bear market
- Hoskinson’s memecoin endorsement sparked controversy and raised serious accountability concerns
As a seasoned researcher with years of immersion in the intricate world of cryptocurrencies, I must admit that the current state of Cardano [ADA] is a topic that has piqued my interest, and not without reason. The skepticism surrounding ADA post-2022’s bear market and the controversy swirling around its co-founder Charles Hoskinson have undeniably created a storm within the crypto community.
As a researcher delving into the realm of cryptocurrencies, I’ve noticed that Cardano [ADA] often encounters a fair amount of doubt within the digital currency community, especially in terms of its capacity to live up to expectations, particularly when contrasted with other tokens circulating in the market.
Concerns surrounding Cardano
After reaching its all-time high on the charts, Cardano’s (ADA) price trend hasn’t been particularly impressive, indicating the difficulties it has faced following the 2022 market downturn.
Despite other significant cryptocurrencies such as Bitcoin, Ethereum, and Solana experiencing strong rebounds and recovering from their losses, Cardano has had difficulty regaining its pace.
It seems that a study focusing on everyday used digital wallets (DAWs) has shown that quite a few Cardano (ADA) owners prefer to simply hold onto their coins instead of actively using them. This suggests that a large portion of users might be ordinary investors who have only a basic grasp of the intricacies involved in cryptocurrencies.
The way Cardano is currently developing has sparked discussions about whether it can continue to thrive in the long run, as well as its role in the wider cryptocurrency market.
Owing to this trend, many are labelling Cardano as a “Dead Chain” too.
Is Hoskinson a cancer for Cardano?
Amidst the escalating debate, Charles Hoskinson, one of Cardano’s co-founders, utilized X platform to instigate a poll. His question to the community was straightforward.
How did Hoskinson, personally, find himself caught in this controversy though?
Well, it all started with an endorsed memecoin inspired by his Halloween costume – “Waldo.”
His seemingly harmless social media post included a link to the coin’s price chart, which sparked outrage among members of the Cardano community.
People were swift in expressing their worries, contending that Hoskinson’s support for this untested investment seemed rash. This came particularly after the currency experienced what’s known as a “drain of liquidity,” a frequent event where creators withdraw funds, resulting in substantial losses for investors.
A number of people within the community have been critical of Hoskinson’s actions, suggesting that due to his high profile in the blockchain industry, he wields substantial power, regardless of any intentional efforts to support the coin.
Some even went as far as to brand him as the primary source of Cardano’s difficulties, blaming him for the drop in ADA’s value and referring to him as a “malignancy affecting Cardano.
Due to this pushback, Hoskinson probably initiated a survey to measure public opinion and find solutions for the increasing dissatisfaction within the community.
Polling results
Currently, we have five more days until the voting ends, and the preliminary findings from the Cardano community exhibit an unexpected pattern.
Initially, when the survey was initiated, the results showed a nearly equal distribution of opinions, with approximately 50.5% of participants choosing “Yes” and around 49.5% preferring “No.
As the voting continued, there was a significant change in the results, with the “Yes” votes decreasing to 42.9% and the “No” votes increasing to 57%.
Impact of such incidents on ADA’s price action
The event has ignited discussions on responsibility, focusing particularly on prominent individuals, as their actions often have a substantial impact on the attitudes of investors.
Similar to how Elon Musk’s influential tweets have significantly contributed to the rise of cryptocurrencies like Dogecoin, Shiba Inu, and Pepe.
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2024-11-04 22:16