Charles Hoskinson rarely comment son the price of ADA. Photo By Piaras Ó Mídheach/Sportsfile for Web Summit via Getty Images.
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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.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
