Cardano’s founder has stated that the network can do little in the face of the prevailing bear market facing cryptocurrencies. Cardano’s dev team has an interesting streak of innovations but the price is down by over 80% from its all-time high.
Cryptocurrencies are writhing under a strong bearish sentiment over the last couple of months. Cardano (ADA) appears to be one of the hardest hits of the lot with the project’s founder stating that “no announcement makes a difference”.
Bear market reigns supreme
Charles Hoskinson, Cardano founder, has bared his mind over the state of the cryptocurrency markets. Hoskinson confirmed that the markets are neck-deep in bearish territory and Cardano’s stellar innovations are being overshadowed by broader macroeconomic factors.
He claimed that Cardano had “gotten all the fundamentals right” with the network making moves to be faster, more decentralized, and attract more users to the ecosystem. A Twitter user asked Hoskinson why ADA continued to slide despite all the innovation.
“Yes, it’s called a bear market. That’s what happens. Nothing changes it. No announcement makes a difference,” said Hoskinson. “Cardano could cure c*ncer, give you a personal poker-playing robot that also drives grandma to church on the weekends, and we’d still fall.”
Cardano prides itself on being an innovative network in the industry but it has not stopped critics from poking holes in it. The network has been called out for the slow pace of its development with smart contract functionality coming live only last year. Some critics have gone all the way to argue that Cardano’s innovativeness is all hype stirred by the project’s founder.
He replied to critics saying that Cardano was the first third-generation blockchain to launch a proper proof-of-stake, euxto, hard fork combinator, and recently launched input endorsers and sidechains. The network famously made its foray into Artificial Intelligence with a partnership with Hansen Robotics and SingularityNET to create an Android robot to perform the duties of a caregiver.
The effects of the bears on Cardano
ADA, the project’s native token is trading at $0.48, soaring a staggering 12% in under 24 hours. The project’s market cap took a big hit and stands at $16.4 billion to rank as the 7th largest cryptocurrency.
The metrics around the network are the polar opposite of the highs reached in 2021. ADA attained an all-time high of $3.10 in September 2021 and was once the third-largest crypto-asset behind only Bitcoin (BTC) and Ethereum (ETH).
Amid the lows, rumors are swirling that Hoskinson dumped a portion of his ADA holdings before the start of the bear market. Critics argue that this may be the reason why ADA is down by as much as 84% from all-time highs appearing to be one of the most hit crypto assets.