The trade price of Cardano’s native token, ADA, crashed significantly today following FUD (Fear, Uncertainty, and Doubt) about the Cardano blockchain ecosystem. Cardano founder Charles Hoskinson responded to the claims but was unable to prevent the price decline.
At the time of publishing this article, ADA’s trading price is $0.338, down by 1.48%. The trading graph shows a noticeable rapid drop in price.
Do you know #Cardano is currently facing a new #FUD? pic.twitter.com/dn7S4n0Qyj
— Bitcoinik (@Bitcoinikdotcom) September 11, 2024
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On Sep 11, 2024, crypto analysts MartyParty, InvestAnswers, Mando, and CTO Larson appeared on a podcast posted on X. During the discussion, InvestAnswers questioned why Cardano ($ADA) and Ripple ($XRP) still have large market caps despite weak price performance.
Mando claimed that some Cardano investors were being restricted from unstaking their ADA, preventing the market cap from dropping.
When Cardano founder Charles Hoskinson heard about this new FUD, he denied the claim, calling it false and stating that FUD around the token had reached extreme levels.
Cardano FUD & Reasons Behind It
Looking closely at the history of the Cardano project, it stands out as unique compared to other crypto projects. In terms of technology and advancements, Cardano excels, and in token distribution, it ranks at the top, alongside Bitcoin and Ethereum.
Notably, this crypto project is not backed by Venture Capital (VC) funding. In the past, Cardano founder Hoskinson many times alleged that much of the crypto news media is backed by VC firms, which is why they spread negativity about Cardano, as they failed to gain investment opportunities in the project, unlike with other crypto ventures.
Read also: WazirX Under Scrutiny: Alleged 70% Revenue Spent on Marketing, Leadership Dismisses Claims
https://bitcoinik.com/cardano-under-fire-top-crypto-influencer-alleges-ada-unstaking-restrictions-leading-to-sharp-price-drop/feed/
https://bitcoinik.com/cardano-under-fire-top-crypto-influencer-alleges-ada-unstaking-restrictions-leading-to-sharp-price-drop/feed/
