- Cardano is facing heavy criticism from the ecosystem due to its relative low price.
- Its founder, Charles Hoskinson, defended the protocol, citing recent advances that could encourage its adoption.
The Cardano blockchain has constantly been criticized for the inability of its native token, ADA, to sustain an uptick. To ease investor concerns, Charles Hoskinson, the founder of the Cardano network, says the recovery of ADA could silence critics of the blockchain.
His comments sparked discussions within the crypto community, with analysts speculating on the likely catalysts for a rise in ADA price.
Cardano Founder Addresses Investor Concerns
Charles Hoskinson believes that a big increase in the price of ADA could alleviate the network’s current problems. Hoskinson’s affirmative response highlights the complex relationship between token value and the perception of projects in the crypto space.
This means that projects with high token value are generally perceived as strong. This view calls into question how market performance is used to validate blockchain projects and the technologies behind them.
Recently, the Cardano network has come under heavy criticism, with some calling it “dead” or a “low integrity shitcoin.” These criticisms mainly stem from ADA’s poor price performance, as the token has struggled to break the $1 barrier since April 2022. As reported by the CNFit was in March that ADA came closest to this psychological barrier in more than two years. At the time, the token briefly rose above $0.8.
ADA price has since fallen, consolidating at the $0.36 level. As of this writing, the ADA has jumped by 2,09 % in 24 hours to reach 0,3607 $. Trading volume also increased by 18.6% to $266.6 million. As mentioned it CNFADA is positioned above the Ichimoku cloud, indicating bullish momentum.
Another indicator supporting the ongoing uptrend is the Balance of Power (BoP) of Cardano price. At 0.44, Cardano’s BoP indicates that buyers are dominating the market and trying to drive up the price of ADA.
Catalysts for the ADA price rise
Market analysts are speculating on potential catalysts for a rise in ADA price amid the ongoing debate. One of the most notable price predictions is from Dan Gambardello. The analyst estimates that ADA will reach $0.5 by the end of October. This bold prediction would result in a 29% increase in ADA price from current levels.
In an even bolder prediction, analysts say thatADA could reach $5 if bitcoin exceeded $100,000. In the meantime, Mr. Hoskinson has consistently defended the progress and potential of Cardano despite the surrounding skepticism. He highlighted the continued development of the network, particularly the new Voltaire-era governance structure, as a major catalyst for fueling adoption and growth.
Mr. Hoskinson added that many criticisms of Cardano stem from untested roadmaps and unsupported expansion ambitions. However, he believes the new governance model will resolve these issues. Like thereported CNFCardano has entered the final era of decentralization with the launch of its Chang Hard Fork update. This update makes Cardano a standalone network by introducing voting and treasury systems.
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