Cardano’s ADA has been met with skepticism in the cryptocurrency community, especially in terms of its potential to meet expectations, particularly when compared to other cryptocurrencies in the market.
Issues Surrounding Cardano
Following its all-time high on the charts, ADA’s price performance has been lackluster, underscoring the obstacles it has faced post the 2022 bear market.
While major cryptocurrencies like Bitcoin, Ethereum, and Solana have made impressive comebacks from their lows, Cardano has struggled to regain traction.
An examination of daily active wallets (DAWs) suggests that many ADA holders are choosing to hold positions rather than actively participate, indicating that several users might be inexperienced retail investors in the crypto realm.
This pattern has sparked concerns about the long-term viability of Cardano’s growth and its standing in the wider crypto landscape.
Due to this trend, some are even branding Cardano as a “Lifeless Chain.”
Is Hoskinson a detriment to Cardano?
In the midst of this escalating controversy, Charles Hoskinson, Cardano’s co-founder, initiated a poll on a social platform. He questioned the community,
How did Hoskinson become embroiled in this controversy, though?
It all began with his support for a memecoin, inspired by his Halloween outfit called “Waldo.”
His seemingly innocuous social media post featured a link to the coin’s price graph, sparking outrage among segments of the Cardano community.
Critics swiftly expressed their concerns, alleging that Hoskinson’s backing of this untested asset was risky, especially after the coin experienced a “rug pull” – a common situation where developers drain liquidity, resulting in substantial losses for investors.
Many in the community accused Hoskinson of acting irresponsibly, contending that his influential status in the blockchain industry carries considerable weight, regardless of whether he intended to endorse the coin.
Some even went to the extent of blaming him as the core reason behind Cardano’s challenges, linking ADA’s price decline to his actions and dubbing him a “detriment to Cardano.”
In response to the backlash, Hoskinson initiated a poll, likely aiming to gauge community sentiment and address the growing dissatisfaction.
Poll Results
With the polling yet to conclude in 5 days, the initial findings unveiled an intriguing shift within the Cardano community.
Upon the poll’s launch, the responses were almost evenly divided, with 50.5% supporting “Yes” and 49.5% favoring “No.”
However, as the voting progressed, there was a significant change in numbers, with “Yes” votes decreasing to 42.9% and “No” votes climbing to 57%.
Consequences of such Events on ADA’s Price Movements
This incident has sparked a broader discourse on accountability, particularly concerning influential figures whose actions can considerably impact investor sentiment.
Similar to Elon Musk’s influential tweets that have driven the values of cryptocurrencies like Dogecoin, Shiba Inu, and Pepe.