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Cardano founder sends message of calm, after price drop

For Charles Hoskinson, investors in Cardano (ADA) should “calm down” and give more importance to the fundamentals of the project, and not to the movement in the price of the asset.

In a live made on his YouTube channel last Sunday, November 21, the founder and leader of Cardano commented on several issues, especially about the price drop that (ADA) has faced in recent weeks.

After breaking above the $ 3.00 mark and hitting a new all-time high in early September amid market anticipation with the update of Alonzo, the native Cardano token, it has been in a strong downtrend ever since.

Currently, the cryptocurrency is trading at $ 1.77, a devaluation of more than 40% from its record price. In this regard, Hoskinson commented that he saw many users, especially those with less experience in the market, being “obsessed with the price.” According to him, this is “a total lack of perspective.”

The mathematician explained that investors should “calm down” and “relax” and not pay as much attention to short-term declines, but to the fundamentals of the cryptocurrency network.

Criticism of memecoins persists

During the live, Hoskinson also made some criticisms of the cryptocurrency meme, such as Dogecoin (DOGE) and Shiba Inu (SHIB). According to him, although these projects currently have a market value of billions of dollars, they are useless.

He put it this way:

“Project enthusiasts will argue that these communities alone represent the value of the projects and that is all you need. But ‘old school’ people like me will say that you need to have real fundamentals, real transactions, real deals, potential utility, a path and a vision of how these things are going to work in the world, change the world. “

The Cardano leader commented that the high price valuations of these meme coins still left investors with an unrealistic profit expectation. According to him, it would be unrealistic to expect an asset to increase in price more than 100 times a year, that is, “people have developed unhealthy opinions about long-term investments and where it comes from.”

Or future of Cardano

Hoskinson commented that Cardano has great long-term potential, especially in providing access to blockchain to many governments and large companies.

He explained it as follows:

“If you look at a 5-year, 10-year, 15-year, 20-year perspective, we really feel that there is a great possibility that Cardano is behind the technology infrastructure of various countries.”

Previously, the mathematician had already commented that his project could help in the management of a nation-state in the near future. It is worth noting that Cardano already has several action plans involving countries in Africa. Finally, Hoskinson said that he sees Cardano as “the greatest defender of human rights the world has ever seen.”

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HELEN HERNANDEZ

Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Helen@oicanadian.com Phone : +1 281-333-2229

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