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Cardano ADA Stuck at $0.45: Charles Hoskinson Humor Highlights a Serious Issue

Last Updated June 4, 2024 11:48 AM
James Morales
Last Updated June 4, 2024 11:48 AM

Key Takeaways

  • ADA has traded between $0.44 and $0.47 since May 23.
  • Based on past precedent, the cryptocurrency may continue trading flat for some time.
  • Cardano founder Charles Hoskinson made light of the matter.

Since May 23, ADA has consistently traded in the $0.44 to $0.47 range: an anomaly in a crypto market normally characterized by volatility. 

Several popular memes have made light of the trend, and even Cardano founder Charles Hoskinson has gotten in on the joke. But based on past performance, the flat ADA market could last much longer, spelling potential trouble for the already struggling cryptocurrency.

Cardano History of Price Stability

Historically, ADA has often experienced extended periods of price stability. 

At the end of 2019, the cryptocurrency traded between $0.35 and $0.45 for around 3 months before finally rallying in January 2020.

More recently, ADA was stuck between $0.25 and $0.30 for most of last summer until the October crypto rally finally kicked it into some price action. 

Based on past precedent, it wouldn’t be unusual for the cryptocurrency to park the bus at $0.45 for another month or more. 

Humorously acknowledging ADA’s flat trading pattern with a meme shared on X, Hoskinson recently stepped into a debate he has traditionally remained above. The question everyone wants the answer to: is Cardano’s ADA a good investment?

Hoskinson Breaks Silence on ADA Prospects

Having made his fortune in Bitcoin and Ethereum, Hoskinson founded Cardano in 2015 to address some of the problems he observed in other blockchains.

From the outset, he always presented the project in utopian terms, rarely engaging with the profit-oriented world of crypto trading.

Commenting on cryptocurrency price speculation in 2021, he stated: “I couldn’t care less. Markets go up, markets go down.”

“We went into the altcoin space and started building alternative experiments because we want the promise of the ecosystem to exist,” he observed. “That’s why we go where we go, not because it was all about making money.” 

And yet, Hoskinson’s recent intervention suggests he isn’t completely disinterested in the ADA market. 

Market Dictates Cardano Treasury Power

With an estimated net worth of over $500 million, Hoskinson can afford to be idealistic. 

But for the Cardano ecosystem, the market value of ADA has a direct impact on how much money is available to fund development. 

In a recent post on X , Hoskinson said the Cardano Treasury has “enough money” to pursue its ambitious scaling program in the coming months and years. 

Even if the cryptocurrency’s price remains depressed, with over 1.5 billion ADA worth more than $700 million in reserves , in financial terms, the Cardano Treasury has never been in a better place.

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