‘And that’s why ADA is…’ – Exploring the FUD around Cardano

  • Cardano has sustained FUD since early 2024.
  • Cardano’s founder has dismissed the FUD, blames short-term narratives. 

Cardano [ADA] has been experiencing sustained FUD (Fear, Uncertainty, and Disinformation) since Q1. The FUD and attacks have spilled into Q2. 

Bitboy, a popular crypto influencer on X (formerly Twitter), and exchange Gemini are the latest to throw shade at Cardano. 

For instance, Bitboy called Cardano dead way more times than Bitcoin [BTC]. In fact, BitBoy asked Cardano founder Charles Hoskinson to join him in an interview and address the issues raised.

“I think actually if you watch the video, some good points are raised. I think @IOHK_Charles, should come on the channel for an interview & we can debate.”

Similarly, Gemini exchange threw a low-key jibe at ADA on X;

“What crypto are you buying today? (don’t say WIF or ADA)”

Cardano founder reacts

Gemini and Bitboy aren’t the first to throw shade at Cardano, nor will they be the last.

In February, BitMEX founder Arthur Hayes called Cardano “dog sh*t” and questioned whether the network has any large and native dApp.  

“For all you $ADA believers, what dAPP on this list originally launched on Cardano, or has a Cardano offering that is heavily used? From my very limited knowledge, looks like none of them do. That’s why $ADA is dog sh*t.”

Hayes never explicitly stated why he hates ADA. For the unfamiliar, Cardano has established protocols like Minswap DEX and Indigo Protocols with fair volumes. 

Charles Hoskinson has been forced to discredit the recent ongoing FUD through a recent post

“We are holding all the cards as an ecosystem. We have the best path for scalability, governance, and innovation. We also have the best community.”

He blamed short-term narratives for Cardano’s woes but remained confident on the network. 

“The problem with our industry is that we let short-term narratives and carnival barkers dominate the conversation.”

At the time of writing, ADA’s price was up 3% in 24 hours. ADA seemed undervalued, but the recovery faced overhead hurdles at $0.63 and a bearish order block (potential sell wall) around $0.65. 

Next: DOGE, SHIB, PEPE soar amid Bitcoin’s bull run: $100B market cap next?

Source link

See also  Cardano lags behind in market rally - Are ADA bulls asleep?