ADA Price Shoots Past $0.30, Will Cardano Outperformance Continue In November?

Technology

Charles Hoskinson Dismisses Cardano’s ADA Drop Prediction – Crypto News

Published

1 year ago

January 30, 2024

Dripp

Cardano’s founder, Charles Hoskinson, has confidently responded to a prediction suggesting a potential slide for ADA, the platform’s native token, from the top ten cryptocurrencies. Bitcoin enthusiast Eric Wall took to the social media platform X, predicting that ADA might lose its prestigious position among the leading crypto assets.

He envisaged Polygon’s MATIC token, which currently ranks at number 14, climbing up and overtaking Cardano. This prediction has sparked a lively reaction within the Cardano community and from Hoskinson himself.

Cardano Community Stands Defiant

The response from the Cardano community was swift and robust. Charles Hoskinson, known for his active presence and engagement with the community, replied with a GIF, humorously dismissing the prediction. The message in the GIF, “Well… we’re waiting!” reflects a confident and somewhat amused stance towards the prediction.

Moreover, community members quickly recalled Eric Wall’s history of inaccurate forecasts regarding Cardano. Notably, a Cardano stake pool operator, Cardanians, highlighted that this was not the first time Wall predicted a decline in Cardano’s standing. They urged Wall to reconsider his approach and deepen his understanding of Cardano, particularly its DeFi capabilities.

ADA’s Market Standing and Resilience

Despite the speculative assertions, ADA maintains a strong position in the market. Currently, it holds the eighth rank with a valuation exceeding $18.46 billion, significantly ahead of its nearest competitors. To drop out of the top ten, ADA would need to lose a substantial part of its market cap, which seems unlikely given its current standing and robust community backing.

Currently, ADA is the 12th most traded token in terms of 24-hour trading volume. This activity level indicates a healthy market presence and investor interest, making a sudden drop in ranking less probable. At press time, positive trend was still present in the ADA market with price up to $0.5216, a 2.55% surge from the intra-day low.