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“Where It Should Be”: Crypto Analyst Remains Firm On $1.7 Prediction For Cardano (ADA)

Investors and analysts are trying to predict Cardano’s (ADA) price’s future performance. As the price continues to show red numbers, a top crypto analyst considers that ADA is “right where it should be.”

Cardano Loses 10th Spot Against Telegram’s Toncoin

Cardano’s recent spotlight has highlighted its disappointing price performance and lack of appeal for traders. Despite its technology and strong community, the ecosystem lacks the activity and demand of other chains like Solana.

Recently, Charles Hoskinson defended the project, stating that “Cardano always wins,” referencing a poll ranking the best Layer-1 networks. Moreover, Hoskinson took another jab at Solana’s network problem after its recent transaction failure rate reached 75%.

Nonetheless, on Tuesday, ADA lost its spot in the top ten cryptocurrencies after being flipped by Toncoin (TON). According to CoinGecko data, Cardano’s market capitalization of $20.1 billion was surpassed by TON’s $23.3 billion market cap. As a result, ADA’s spot as the 10th largest cryptocurrency by this metric was taken by TON.

Cardano, ADA, Toncoin, TON, Dogecoin, DOGE

Per CoinMarketCap data, ADA remains in the top ten cryptocurrencies, ranking ninth on the website’s list before being flipped.

ADA Is “Where It Should Be”

Last week, crypto analyst Ali Martinez revealed that ADA’s whale activity was “experiencing a lull.”  To the analyst, whether this was a signal of further price consolidation or a drop remained to be seen.

Some believe that TON’s overtaking of Cardano’s place on the list highlights some of the ecosystem’s problems. Martinez reiterated his prediction made around the time Bitcoin registered its latest all-time high (ATH) of $73,373. At the time, the analyst considered that ADA resembled the pattern observed from 2018 to 2021.

During the period observed by Martinez, Cardano’s token went through a long consolidation period, with the price hovering between $0.026 and $0.082. After breaking out of this resistance level, ADA’s price surged to $0.35 in the following weeks before continuing its upward trajectory to its ATH of $3.09.

According to the analyst, if that fractal continued during the following weeks, investors should “anticipate ADA consolidating in the $0.55 to $0.80 range. This would be followed by a surge to the $1.7 support level.

After another consolidation period, the stage would be set for the token’s price to “breakout to $5,” the analyst considered.

cardano ada adausdt

Almost a month later, the analyst considers that “nothing has changed for Cardano.” Martinez reaffirmed the price consolidation between the $0.55-$0.80 range and subsequent breakout, as “ADA is exactly where it should be.”

Despite the analyst’s optimistic forecast, ADA’s price of $0.5762 remains 81.5% below its 2021 ATH. At writing time, the token dropped 5.4% from the previous day. Additionally, its performance has decreased by 3.6% and 22.3% in the weekly and monthly timeframes.

However, the token’s market activity has surged 6.6% in the last 24 hours, with a daily trading volume of $502.1 million.

ADA, ADAUSDT, CArdano

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Is Not Holding ADA A ‘Red Flag’? Cardano’s Founder Thinks So, Community Pokes At Solana

Cardano (ADA)’s founder is a man of many words and many GIFs. Charles Hoskinson’s comments, whether you agree or disagree with them, tend to spark discussions in the crypto community.

Hoskinson’s latest X reply spree covered issues from dating advice to his confidence in the ecosystem to Solana’s recent struggles. As a result, several conversations regarding those topics and Cardano’s founder’s perspectives on them spread across the X platform.

Charles Hoskinson’s Dating Advice

Charles Hoskinson offered some crypto-related dating advice in a reply to Lily Brodi, the creator of the viral ‘Cardano Girls’ video. The content creator asked whether it was weird to ask someone on the first day if they held ADA.

Cardano’s founder replied that not holding ADA was a “major red flag” at this point. Hoskinson jokingly insinuated that the person might “not be a cannibal,” but if they don’t hold Cardano’s native token, you should be alert anyway.

Later, he suggested he might know one or two eligible “Cardano bachelors.” The community found Hoskinson’s comments funny, with some agreeing with his perspective on potential partners.

Nonetheless, not all Hoskinson’s replies during his Wednesday spree were well received. Cardano’s founder seemingly took a jab at Solana after learning of the blockchain’s recent struggle to process transactions.

The post informed us of the levels of congestion that the Solana network is experiencing. According to Dune data, the Solana blockchain currently has a non-vote transaction failure rate of over 75%.

Three out of four transactions are experiencing issues before even making it to the block. The failure rate seems to occur “because many bots engaging in arbitrage generate spam transactions.” To the news, Hoskinson replied with a popular gif of actor Pedro Pascal enjoying himself.

This reply prompted some X users to criticize Cardano’s Founder. Some even called him a “douchebag founder” and claimed that answers like that are the reason why the project “won’t make it.”

However, the ADA community joined in the criticism of the Solana network. Some community members deemed the chain as “useless.” Another ADA holder stated: “The Solana team does not know the basic principles of how blockchain works.”

The comments don’t come as a surprise as both communities’ ongoing “feud” tends to end in a jab and poking fun at each other’s struggles.

“Cardano Always Wins” Or Does It?

As part of Hoskinson’s recent “insight,” he commented on a recent poll ranking the best Layer-1 networks. In said poll, the Cardano ecosystem had the second-highest number of voters.

Nonetheless, its founder didn’t seem pleased, claiming that “It was engineered to produce an outcome prior to a single vote being cast.” To Hoskinson, in a “fair vote,” it is clear that “Cardano always wins.”

Despite his confidence in the project, the ADA price has recently shown a subpar performance. The token has exhibited red numbers in several timeframes, with an 11.5% drop in the last seven days and a 20.5% decrease in the past month.

The token’s current performance has not gone unnoticed by analysts either. Renowned crypto analyst Ali Martinez raised some concerns about ADA’s whale activity.

According to Martinez, “Cardano is experiencing a lull in whale activity.” The analyst considers that this could signal a potential for further price consolidation or an impending drop.

The unclear trajectory of ADA’s price seems concerning to its holders, as some consider its current performance to be “extremely bearish right now.” At the time of writing, ADA is trading at $0.5748, a level not seen since Valentine’s Day.

CArdano, ADA, ADAUSDT, Charles Hoskinson

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Crypto Analyst Predicts ADA Price Crash To $0.34, Why Is Cardano Founder Bullish?

Cardano (ADA) is again in the spotlight as crypto analysts continue to deliberate on its future trajectory. This time, crypto analyst Alan Santana has laid out a bearish narrative for the crypto token, which could cause its price to drop drastically. 

How ADA Could Crash To $0.34

In his analysis, Santana stated that ADA’s breakout below the $0.58 price level, which has acted as support for the crypto token for five weeks, signals a bearish sentiment toward it. In line with this, he suggested that ADA’s price could further dip significantly even though it has already experienced a 30% decline from its recent price peak. 

The crypto analyst mentioned that a further price dip for ADA could cause its price to drop between $0.4444 and $0.3450. However, this isn’t necessarily bad for the crypto token as Santana revealed that altcoins, which have in the past seen a 2x to 3x increase in their prices, experienced corrections of such magnitude before then. 

He added that before the end of their correction, all these altcoins moved to test a price range between 0.618 and 0.786 Fibonacci retracement level. From the chart he shared, one can see that the analyst stipulated that ADA could drop to as low as $0.34 because that is the price level for the 0.786 Fibonacci retracement level. 

Cardano

Furthermore, Santana acknowledged that ADA could move higher from its current price level but seemed skeptical because the crypto token has continued to lag, making further price declines more feasible. 

He also revealed that ADA’s weekly chart is producing a “break below the EMA10 (Exponential Moving Average) with a very strong bearish candle as the RSI (Relative Strength Index) turns red. “Once support is found and established, we become bullish again,” the analyst concluded. 

Cardano Founder Is Bullish On ADA

Cardano’s founder, Charles Hoskinson, sounded bullish on the Cardano ecosystem in a recent X (formerly Twitter) post, stating that “Cardano always wins.” Hoskinson’s statement came in response to a poll to rank the best Layer-1 network. Hoskinson suggested that the poll was already biased and that Cardano would surely come out on top if it were a “fair vote.”

Meanwhile, this occurrence again highlights Hoskinson’s confidence in the Cardano network he founded. He once even compared the network to Bitcoin, noting how it was growing organically like the flagship blockchain. At different times, he also insinuated that Cardano has real network value, unlike networks like Solana.

However, so far, Cardano’s network value has failed to positively affect ADA’s price, which is undoubtedly a cause for concern among ADA holders. 

At the time of writing, ADA is trading at around $0.56, down over 2% in the last 24 hours, according to data from CoinMarketCap.

ADA price chart from Tradingview.com

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Breath Of Fresh Air: Viral ‘Cardano Girls’ Video Sparks Conversation About The Project

Cardano (ADA) has received plenty of criticism over the years, whether it’s ADA’s price performance, its founder’s personality, or its community’s “beef” with Solana.

This time, the project’s marketing team made the headlines after a viral video of female Cardano users became viral on social media. The ‘Cardano Girls’ video has sparked a conversation about the project’s efforts to reach a broader audience.

A Breath Of Fresh Air In The Community

The ‘Cardano Girls’ video was uploaded by Lily Brodi, a content creator and Cardano user, and went viral in hours. The video recreated a popular social media trend of people playfully listing stereotypical practices of a group of people with the phrase “We are (group). Of course, we…”

The trend, recreated by millions, including famous personalities like Kim Kardashian, has reached the crypto community. Last week, a “Crypto Girls” version of the trend was uploaded on X, which prompted Brodi to make her own.

Brodi’s version approached the point of view of female Cardano investors, with the opening line setting the lighthearted and playful tone: “We’re Cardano girls. Of course, we are real.”

The list in the video includes how female ADA users “treat themselves with money saved on gas,” “have Charles as their phone wallpaper,” and “buy $ADA while the men create all the drama.”

At the time of writing, the viral video had over 1.5 million views on X. Its massive reach resulted in the acknowledgment of Cardano’s founder, Charles Hoskinson, referred to as “Cattle Daddy” in the video.

‘Cardano Girls’ And Marketing Team Face Criticism

The video didn’t go unnoticed by critics, who considered the video to be “cringy,” while others expressed opinions seemingly based on misogyny. Crypto influencer Peter McCormack replied to the X post stating that the video will be used “as torture at Guantanamo Bay.”

However, the video appears to be well-received by the Cardano and crypto community. Brodi addressed the male detractors in an X post:

Nonetheless, the video opened a broader conversation despite the critics. On one hand, it highlighted how the male-dominated crypto industry can be unreceptive and aggressive to women in the space. On the other hand, it pointed out a crucial issue for Cardano: its “unattractiveness.”

The Need For A New Approach

Brodi discussed the video’s immense impact, as it seemingly brought general interest in the project, with people reaching out to her curious about the Cardano wallet. Despite its technology and the knowledgeable people inside the community, the project doesn’t seem to attract the general user.

Brodi, who creates light and informative Cardano-related content, considers that the general content offered can be “too heavy” and “overwhelming” to those who know about the industry and even more to those who don’t but want to come in.

Cardano’s marketing problem, as highlighted by Brodi, has often prevented potential users from entering. She suggests that a change in the market strategy is “needed within Cardano” for broader adoption.

Lighthearted, fun, and enjoyable educational content that can be easily consumable can be fundamental for broader adoption. Investors can be attracted to projects that seem easily understandable and approachable. As seen with the memecoin mania, projects can become massive, even if the long-term technology and planning aren’t developed by launch.

The crypto community is undoubtedly filled with people who enjoy various content and projects. But “bringing light and fun” enjoyment is crucial to supporting adoption because, at its core, “that’s what our community is.”

Cardano, ADA, ADAUSDT

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Cardano’s Future Revealed: Founder Would “Love To Be The Taylor Swift Of Blockchain”

Charles Hoskinson, co-founder of Cardano, joined Discovery Crypto to discuss his thoughts about the state of the crypto space, what current developments in the industry suggest, and the network’s future as the “Taylor Swift of Blockchains.”

Cardano’s Big Reputation

The recent interview sparked a discussion about Cardano’s relationship with crypto exchanges like Gemini and other figures in the crypto industry, as the interviewers suggested there appears to be a “coordinated effort to minimize Cardano’s impact.”

During this discussion, Charles Hoskinson noted that most players in the crypto space seem to “fear” Cardano for “doing everything right” since the beginning. Hoskinson listed factors like liquid staking and its growth without Venture Capital (VC) funding as crucial elements that make Cardano “pretty scary.”

When asked why stablecoins like USDC are not on the Cardano blockchain, it was highlighted that the reason is neither economical nor technical. Instead, the conversation indicates a seeming “lack of a strong desire to engage” with the blockchain and its projects.

Following the discussion, Hoskinson expressed his thoughts and concerns on asset-backed stablecoins, affirming that he doesn’t like them and they “are not crypto” despite 80-90% of the real money velocity and value transactions that happen on-chain being done through them.

The Cardano founder considers the highly centralized state of asset-backed stablecoins as a concerning matter, as they grant control over the crypto space to a few entities:

At the end of the day, they’re controlled by centralized entities, and the problem when you look at asset-backed stablecoins connect them to CEXs, centralized exchanges, they have gargantuan and enormous control and now we have a new actor, ETFs, and a huge amount of control over crypto. So, 10 companies now basically control the cryptocurrency space.

Hoskinson’s View Of The Crypto Industry’s Future

The current developments of the crypto space are also a matter of concern for Cardano’s founder, with the recent tendencies and developments leaning towards a “road opposite of the original mission for cryptocurrencies: financial freedom.

To Hoskinson, the crypto market is handing “soft power” to a handful of regulated entities that control the value and volume of the crypto industry instead of aiming to take down “banks and legacy financial systems.”

Cardano’s founder considers asset-backed stablecoins inevitable and highlighted that Cardano “is not looped into that, but eventually it will happen.”

However, he believed addressing his concerns was necessary as they weren’t “compatible with the long-term cryptocurrencies being decentralized” and would generally affect the industry.

To address this concern, Cardano’s team has extensively researched algorithmic stablecoins, as Hoskinson considers them a potential solution more suitable for the crypto industry.

Lastly, Cardano’s founder closed the interview by comparing American Singer Taylor Swift and the crypto industry, jokingly suggesting that compared to the 14th Grammy winner, nobody knows who Charles Hoskinson is.

However, the interviewer pointed out that, like Swift, Cardano could follow a similar trajectory and grow from a smaller and niche artist to a globally recognized and mainstream figure with a significant impact on the world. Hoskinson replied that he “would love to be the Taylor Swift of Blockchain.”

ADA, ADAUSDT, Cardano

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Cardano’s 2024 Kickoff: First Two Weeks Show Major Updates, Report

In a report from the educational tool Essential Cardano, the team behind Input Output Global (IOG) showed some of the latest updates to ship in the ecosystem. From performance to scalability, the network continues to implement improvements.

Cardano has been regaining bullish momentum in the crypto market as the news of the spot Bitcoin Exchange Traded (ETF) fund in the US pushed the sector higher. At the time of writing, ADA’s price trades at $0.5 with a 7% profit in the last week.

Cardano ada adausdt price etf charles hoskinson

Big Updates, Big Things In Store? Cardano Picks Up Bullish Momentum

According to the report from Essential Cardano, the network saw the introduction of a new version of its client, v.8.7.3, by its core technology team. The update addresses an issue with the outbound governor function, causing communication problems across specific nodes and impacting network performance.

On the other hand, the networking and consensus teams implemented an update on the decision logic used by a cluster run by IOG and integrated a new ledger database, respectively. These updates will allow the network to mitigate performance issues.

The report noted that the Lace team fixed a bug in the wallet and services sector that affected the singData method, impacting the visualization of stake pool rewards. The team also fixed issues with reading minting transaction data, stake pool visualization, and transaction signatures.

An official post stated the following regarding a new feature that gave users more freedom to synchronize their wallets:

Using multi-address wallets with Lace just got smoother, with a new simple way to discover and sync new addresses. Ready to make your life easier? Go to ‘Wallet Sync’ in your settings to resync your multi-address wallet and discover new addresses. After all, why shouldn’t we have our wallets and use them, simultaneously?

Cardano Funding, Smart Contracts, And More

On the smart contract side, the Cardano platform, Plutus, received an update to enhance its performance. In addition, the team implemented an update that allows the node to index consensus events and ledger states.

This implementation represents a milestone in the platform’s long-term progress and in its capacity to deploy a queryable node, IOG noted.

As in previous years, the Cardano ecosystem will stay focused on its community and in ways of promoting participation in its governance model. In that sense, the community awaits the release of a “constitution” to be agreed upon and voted by elected delegates.

Furthermore, the fundraising device for the ecosystem, Project Catalyst, will conclude its voter registration. This tool will continue to be a key ecosystem component throughout 2024. The post noted:

Fund11 is progressing through the community review stage, now entering the moderation part where experienced community members help cross-check the output of the reviews. Results of this stage should be known within two weeks.

The improvements have allowed the Cardano ecosystem to grow, deploy new features, and onboard new projects. All of which will be easier to visualize with the new Mithril Explorer.

Cover image from Unsplash, chart from Tradingview

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Crypto Pundit Says Cardano Rivals XRP Community, But Why Is ADA Price Struggling?

Cardano has consistently remained one of the largest cryptocurrencies in the industry with the price of its native ADA coin following the crypto market rally. However, it has not performed as well as other cryptocurrencies despite its marked popularity among investors. Given this, crypto pundit Ben Armstrong, popularly known as BitBoy, has shared his views on why the network is struggling.

Cardano Struggles Through Misinformation

One of the problems that the crypto analyst mentioned that Cardano has run into over the years is the fact that there has been misinformation. A lot of times, Cardano has been subject to FUD (Fear, Uncertainty, and Doubt) especially when it comes to its decentralized finance (DeFi) capabilities.

The network is really playing catch-up when it comes to DeFi as the likes of Ethereum and Solana enabled this ability years before Cardano. However, the network has seen significant growth since it first announced smart contract capabilities back in 2021.

Armstrong explains that a lot of FUD have also been directed at the founder Charles Hoskinson whose involvement with Ethereum as one of the co-founders in the early days is often called into question. But contrary to popular belief, the analyst believes that Hoskinson’s involvement with Ethereum actually helps to boost the credibility of the Cardano network.

Hoskinson has also been subject to allegations of being a scammer, as well as the Cardano network being “finished,” among other interesting allegations, as well as its native ADA token being referred to as a stablecoin. The last part takes a jab at the fact that the ADA price has not moved much in the last year.

However, Armstrong explains that Cardano boasts one of the most decentralized token distributions in the entire crypto industry. “Currently, over 60% of the supply is staked and during the bull market, the number was well over 70% on a regular basis,” he stated. This makes the coin an attractive choice for investors.

Cardano ADA price chart from Tradingview.com (XRP)

ADA Community Similar To XRP Community

Armstrong has been vocal about his support for the XRP community which he believes is the strongest community in crypto. Then coming up behind the XRP community, the crypto analyst believes that the Cardano community is the second-strongest in the industry.

In addition to this, Armstrong calls ADA “one of the most consistent performing coins in the history of crypto.” ADA, on its own, has managed to perform incredibly well in each bull market since its inception. During the 2020-2021 bull market, the ADA price would go from around $0.02 to over $3 before correcting back downward.

Presently, the ADA price is trending at $0.61, rising approximately 143% in the last year alone. With a market cap of $21.7 billion, it is currently the eighth-largest cryptocurrency by market cap.

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Cardano Founder: We Are Growing Organically Like Bitcoin, Will ADA Prices Boom?

Taking to X on December 18, Charles Hoskinson, the founder of Cardano, celebrated the network’s recent growth, noting that it’s mirroring the organic development of Bitcoin (BTC). While some have expressed concerns about network congestion, Hoskinson affirmed that Cardano is designed to handle such loads and has ample room for future scalability.

Demand Increasing, Cardano Moving Away From “Ghost Chain” Status

In a post garnering significant attention on X, the founder said he has been watching with ” glee as some people worry about Cardano’s blocks filling up.” The founder reminded the community that it was only a few months earlier that the network had been slammed for being a “ghost chain” with no utility. 

However, as the network “gets busy” and blocks fill up, Hoskinson assured the community that the platform is designed to handle rising demand with more room to grow in the future. While Cardano aims to compete with Ethereum as a smart contract platform of choice, its development is anchored on peer research, and progress has been systematic.

Looking at block explorer data from Cexplorer, the average block saturation of Cardano stands at 56.98% as of December 18. This figure is higher than the monthly average of 44.5%. However, what’s clear is that block size has been gradually rising over the past two years. As of early 2021, the average block usage, measuring capacity, was 64kb. 

Cardano network capacity | Source: Cexplorer

This figure now stands at 88kb, signaling growth and more adoption from app developers. However, it should be noted that the maximum capacity in Cardano is an adjustable parameter. Accordingly, it can be changed in light of transactional demand.

Cardano Refinements: Will ADA Prices Boom Like Bitcoin?

Cardano is in the Basho stage after graduating from Goguen when the network activated smart contracts. With more dapps launching, the platform is optimizing to enhance performance and boost scalability. Scalability is a big concern in blockchains since it can directly determine how fast transactions are processed, a factor that also plays a big role in determining fees. Even so, unlike Ethereum, fees are stable in Cardano, regardless of network load.

Hoskinson also highlighted Cardano’s organic growth in the post on X, attributing its success to the community’s involvement and engagement. The founder emphasized that venture capitalists, the crypto media, or influencers are not driving the platform, just like how Bitcoin grows. 

Cardano price trending higher on the daily chart | Source: ADAUSDT on Binance, TradingView

This comparison could aim salvo at other smart contract competitors, including Solana. The FTX estate controlled a significant portion of SOL’s circulating supply. The defunct exchange will gradually sell SOL to repay creditors. Even so, whether ADA will follow the same trajectory as BTC in the long run remains to be seen.

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Cardano Founder Courts OpenAI’s Sam Altman – What Does He Want To Build?

OpenAI recently announced a shocking leadership change with Sam Altman being ousted as CEO. After five years of being at the helm of taking OpenAI from a $0 to $80 billion valuation, the AI company is now at a crossroads with Altman departing and former Chief Technology Officer (CTO), Mira Murati taking over as interim CEO. 

Altman hasn’t provided specifics of his next actions; however, he has posted on social media that he “will have more to say about what’s next later.” In light of this, Charles Hoskinson, the creator of Cardano, sees a window of opportunity. Hoskinson gave the former CEO a bold proposal on social media platform X to join hands in establishing a decentralized language learning model in partnership with the Cardano blockchain. 

Hoskinson Wants To Build A Decentralized Language Learning Model

Charles Hoskinson has a vision for AI that embraces decentralization and openness. As the founder of Cardano and a former co-founder of Ethereum, Hoskinson knows a thing or two about building decentralized networks. Hoskinson’s vision of a decentralized language learning model is ambitious, but promising. 

On the other end, if there’s anyone who knows anything about language learning models, it is definitely Sam Altman. The former CEO is known for being one of the architects of the language models that power ChatGPT, which has gained widespread adoption since its launch in November 2022.

If Altman takes Hoskinson up on his offer, it could mark a turning point in how AI models like ChatGPT are built and how they serve users. A decentralized LLM would essentially be available to everyone and resistant to censorship, tampering, and monopolization by governments and large corporations, which is one of the concerns being raised regarding existing LLMs. 

Aftermath Of Sam Altman’s Removal As CEO

Altmann’s removal as CEO sent ripples around the AI and crypto industries. Greg Brockman, president and one of the co-founders of OpenAI, also announced his departure from the company. 

As one would expect, WorldCoin reacted negatively to the news. According to data from Coinmarketcap, Worldcoin (WLD) dropped by 12.75% in the hours following the news of the CEO’s removal. However, the crypto has since recovered and is now trading at $2.38. 

According to OpenAI’s announcement, the decision to fire Altman was made by the board of directors, as they’ve lost confidence in his ability to continue his duties as CEO due to his lack of transparency in his communications. However, rumors are that OpenAI investors are looking to reinstate Altmann into his job as CEO.

Cardano ADA is trading at $0.375 at the time of writing. According to a crypto analyst, ADA could spike to the $0.78 mark if it is able to break out of the current falling wedge pattern.

Featured image from Pexels

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Cardano Founder Debunks Rumors Of Stablecoin Djed’s Shutdown

In a definitive response to swirling rumors regarding the possible discontinuation of the Djed stablecoin, Charles Hoskinson, founder of Cardano, firmly stated that not only will the project continue, but it will also receive a significant upgrade. “No, we aren’t dropping Djed. We are supercharging the team,” he announced.

Cardano Developer IOG Doubles Down On Djed

Djed, an overcollateralized stablecoin by Input Output Global (IOG) and COTI has been under scrutiny due to its unique financial mechanism recently. Specifically, the stablecoin uses Cardano’s ADA token as a reserve, aiming to maintain a circulating supply backed by four times the number of its outstanding coins.

While designed to provide enhanced security and stability for its users, recent metrics indicated the reserves had decreased to 356%, prompting a temporary suspension of minting new Djed tokens.

In the midst of this, IOG issued a series of statements indicating structural changes and expansions. Hoskinson tweeted about the addition of Sean Ford, noting, “Glad to welcome my good friend Sean Ford to the IOG family.” This was in conjunction with IOG’s formal announcement, detailing the appointment of Sean Ford as CEO and David Markley as COO of a newly formed subsidiary concentrating on the stablecoin sector.

Ford’s credentials in the technology sector are quite noteworthy, having been part of the founding team at Algorand where he served in both COO and CEO capacities. Additionally, David Markley, before joining IOG, was deeply entrenched in Algorand’s Operations, Venture, and Business Solutions teams.

Articulating his vision for the evolving stablecoin sector, Ford stated, “The stablecoin space is rapidly evolving as the next frontier in digital asset payments, settlement, and innovation. I am excited to engage with the IOG team and the broader blockchain, stablecoin, and crypto community as we work collectively to create and launch the next generation of stable assets.”

Hoskinson, reflecting on his long-standing involvement in the field, emphasized the necessity of stablecoins for the blockchain industry. Drawing attention to his work from BitShares to Djed, he said, “The blockchain industry needs stablecoins to realize its mission and fully protect its values. I’m incredibly proud to welcome my friend Sean Ford to lead a new venture to develop stablecoins and other payment solutions alongside their supporting ecosystems.”

These developments suggest a recalibration of the Djed project under new leadership. With firm support from the Cardano ecosystem, Djed could make a new attempt to conquer a part of the huge stablecoin market in the crypto sector.

ADA Breaks The Downtrend

Last Saturday, the ADA price managed to break above a descending trend line that has its origin in mid-April, when ADA reached its high for the year at $0.463. Since then, ADA has been in a downtrend, which may now be coming to an end, as discussed in our latest analysis.

The Cardano price has recaptured the 0.236 Fibonacci retracement level on the 1-day chart and is now close to the extremely important 200-day EMA at $0.298.

Cardano ADA price

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Cardano Founder Addresses ETHGate Rumors: Did Ethereum Bribe The SEC To Go After XRP?

Cardano founder Charles Hoskinson recently gave his thoughts on whether the US Securities and Exchange Commission (SEC) had given Ethereum a regulatory free pass as recent rumors suggest.  

Cardano Founder Alleges Favoritism Toward Ethereum

In an AMA session shared on X (formerly Twitter), Hoskinson mentioned that the Himman emails and other revelations expose the thought process of the SEC and show that there was unequal application, which he doesn’t see anything wrong with. Furthermore, he believes that none of the Commission’s actions presupposes corruption but only favoritism. 

It is worth mentioning that Hoskinson happens to be a co-founder of Ethereum. However, he was forced to exit the team after he suggested that Ethereum be run as a commercial entity rather than a nonprofit, but this idea didn’t seem to resonate with others on the team. 

As such, one can easily assume that there could be some form of bias in his statement, as he could feel endeared to Ethereum despite the circumstances surrounding his exit. Reacting to the clip, One X user stated that Hoskinson’s “old ETHGATE buddies” may have convinced him to make such statements. 

Meanwhile, others in the crypto community criticized his statement, emphasizing that there was really no difference between favoritism and corruption, especially when a government agency is involved. Some went as far as alleging that Hoskinson could well have been involved in the scandal and that he was talking “like a defendant.”

Ethereum price chart from Tradingview.com (ETHGate Cardano founder Charles Hoskinson)

Himman Emails And Other Revelations A Big Deal

While Hoskinson may have tried to downplay the Himman emails and other revelations, they undoubtedly lay a foundation as to possible wrongdoings of the Commission. For one, the email showed that Bill Hinman had interacted with Ethereum’s co-founder, Vitalik Buterin before he gave his speech, where he mentioned that ETH wasn’t a security. With this in mind, Buterin could have possibly influenced Hinman’s speech.

There have also been revelations of how the SEC had close ties with Ethereum, which instantly presupposes a conflict of interest as it becomes harder to regulate or deal fairly with such a body without being influenced by external factors. 

Meanwhile, Steven Nerayoff, who was an active participant during Ethereum’s Initial Coin Offering (ICO), continues to allege that the SEC was corrupt in its dealings with Ethereum and that he has evidence to back up his claims. 

Pro-XRP legal expert John Deaton has also confirmed Nerayoff’s claims as he has seen this supposed evidence under the attorney-client relationship. 

In his announcement last month, Deaton mentioned that Bill Himman’s cross-examination would be of “epic proportions” and even offered to handle that personally if the SEC’s case against Ripple were to go to trial.

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Cardano (ADA) Approaches The $0.3 Resistance: What Lies Ahead?

The journey of Cardano (ADA) toward reclaiming the $0.3 price level seems to be growing more challenging in the days ahead, as the cryptocurrency grapples with persistent bearish pressure.

After successfully managing to hold the line at $0.3 during the latter part of July, the digital asset encountered a setback in early August when this crucial support level split, potentially paving the way for further price declines.

The $0.3 mark not only signifies a March low but also acted as a pivotal resistance point during the months of June and July. This level demonstrated its resilience by transforming into a support level in late July and early August. Nevertheless, the breach experienced in early August did not immediately send ADA into a downward spiral. 

However, recent price analysis reveals a concerning development: a retest of this level followed by a price rejection has formed a bearish order block (OB) on the daily chart.

Founder’s Jab At Ethereum Adds Intrigue Amidst ADA Struggles

Meanwhile, Charles Hoskinson, the visionary founder of Cardano, has thrown shade at Ethereum, a primary rival in the cryptocurrency landscape.

Hoskinson’s remarks were sparked by a video clip in which Ethereum developer Justin Drake commented on staking, likening it to sausage-making and suggesting that understanding the intricate process could lead to disillusionment.

Hoskinson’s use of the colloquialism underscores his perspective on Ethereum’s staking mechanism. Some interpreted his comment as a candid critique of the opacity surrounding Ethereum’s staking process, hinting at potential undesirable aspects hidden beneath the surface.

Ethereum’s own founder, Vitalik Buterin, has previously expressed reservations about staking Ether due to security and operational complexities, providing a backdrop to Hoskinson’s dig.

Cardano Market Performance

At present, ADA is trading at approximately $0.290, according to CoinGecko data. Over the last 24 hours, the cryptocurrency has remained flat, while its value has decreased by a measly 0.5% over the past seven days. 

As the broader cryptocurrency market continues to navigate through volatility, Cardano’s ability to regain its foothold at the $0.3 level remains a pivotal factor in determining its short-term trajectory.

Cardano’s struggle to recapture this price level amidst ongoing bearish pressure is a matter of growing concern. The recent breach of this crucial support level, coupled with a bearish order block formation, underscores the challenges ahead.

In addition, Hoskinson’s subtle critique of Ethereum’s staking process adds an intriguing layer to ADA’s narrative, as the cryptocurrency community keenly watches its path forward in a dynamic and evolving landscape.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Analytics Insight