Cardano meme token $Nike seems unstoppable but Cardano founder is not happy 

Charles Hoskinson is not happy with the surging popularity of the $Nike meme token on the Cardano Dex. 

The current trade price of the $Nike token, the first ever Cardano network-based meme token inspired by a fat pig animal of Cardano founder, is $0.00609. The price of this token surged nearly 251% in the last 24 hours. 

The trade price of #Cardano's first ever meme token $Nike seems unstoppable pic.twitter.com/OF3O3hJXfL

— Bitcoinik (@Bitcoinikdotcom) June 20, 2024

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Some Cardano critics claimed that the Cardano foundation decided to halt the trading of this meme token but Cardano founder Charles Hoskinson confirmed that the token is alive & smooth trading has been open since the launch date. 

Contrary to rumors, Nike is still alive and well

— Charles Hoskinson (@IOHK_Charles) June 20, 2024

A crypto enthusiast noted that Cardano successfully secured its first-ever popular meme token & this is going to attract huge numbers of crypto people from different blockchain networks.

Cardano finally has its FIRST meme ever that has a chance to bring in people from all chains and do obscene numbers and it’s $NIKE, Charles’ fat pig. pic.twitter.com/3CG3VYstsl

— GameStop $GME (@talk_investing) June 18, 2024

Cardano founder Hoskinson indirectly said that he is not happy with the popularity of this meme token, as meme tokens don’t contain any kind of real development works for the practical use of the Cardano blockchain.

I think they are doing this just to make me sad https://t.co/Htj9LZ386I pic.twitter.com/yNqASXZu5A

— Charles Hoskinson (@IOHK_Charles) June 19, 2024

Cardano ($ADA) price

The current trade price of Cardano ($ADA) coin is $0.38 & this price is 38% down over the last 3 months. 

Despite the fact that the Cardano community developers remain engaged in the innovative development works to push the use of blockchain technology to the next level , the trade price of this token is still struggling badly. 

A recent report by Crypto analytic firm Santiment noted that Cardano’s MVRV ratio of -12.6% shows it is significantly undervalued. This substantial loss for ADA holders implies a very bullish outlook, with a high likelihood of a price rebound.

The lower a cryptocurrency's 30-day MVRV is, the higher the likelihood we see a short-term bounce:

Bitcoin: -4.0% (Mild Bullish)
Ethereum: -4.3% (Mild Bullish)
XRP: -3.5% (Mild Bullish)
Dogecoin: -16.7% (Very Bullish)
Toncoin: -0.6% (Neutral)
Cardano: -12.6% (Very Bullish) pic.twitter.com/zHGg4t3qo1

— Santiment (@santimentfeed) June 19, 2024

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Cardano meme token $Nike seems unstoppable but Cardano founder is not happy 

 

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