- Cardano is facing skepticism, with ADA struggling post-2022’s bear market
- Hoskinson’s memecoin endorsement sparked controversy and raised serious accountability concerns
Cardano [ADA] has been facing its share of skepticism in the crypto community, particularly regarding its ability to meet expectations. Especially when compared to other tokens in the market.
Concerns surrounding Cardano
Since hitting its ATH on the charts, ADA’s price trajectory has been less than stellar, highlighting the challenges it has encountered in the aftermath of the 2022 bear market.
While major cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], and Solana [SOL] rebounded impressively, climbing back from their respective lows, Cardano has struggled to regain momentum.
In fact, an analysis of daily active wallets (DAWs) indicated that many ADA holders are opting to hold rather than engage. This means that a significant number of users may be retail investors with a limited understanding of the complexities of cryptocurrencies.
Source: CNN
This behavior has raised questions about the long-term sustainability of Cardano’s growth and its positioning within the broader crypto landscape.
Owing to this trend, many are labelling Cardano as a “Dead Chain” too.
Is Hoskinson a cancer for Cardano?
In the middle of this growing controversy, Cardano’s co-founder Charles Hoskinson took to X and created a poll. He asked the community,
Source: Charles Hoskinson/X
How did Hoskinson, personally, find himself caught in this controversy though?
Well, it all started with an endorsed memecoin inspired by his Halloween costume – “Waldo.”
His seemingly harmless social media post included a link to the coin’s price chart, which sparked outrage among members of the Cardano community.
Critics were quick to voice their concerns, arguing that Hoskinson’s endorsement of this unproven asset was reckless. Especially after the coin suffered a “rug pull”—A common scenario where developers drain liquidity, leaving investors with significant losses.
Many in the community accused Hoskinson of irresponsibility. They claimed that his prominent position in the blockchain space carries significant influence, whether or not he intended to promote the coin.
Some went so far as to label him the root cause of Cardano’s challenges, attributing ADA’s price decline to his actions and calling him a “cancer of Cardano.”
Source: CryptoMinnow/X
This backlash ultimately prompted Hoskinson to create a poll, likely in an attempt to gauge community sentiment and address the growing discontent.
Polling results
Now, with 5 days still left for the polling to conclude, the initial results revealed a surprising trend within the Cardano community.
When the poll was first launched, the responses were almost evenly split, with 50.5% voting “Yes” and 49.5% opting for “No.”
However, as voting progressed, the numbers shifted dramatically, with the “Yes” votes dropping to 42.9%, while the “No” votes surged to 57%.
Source: X
Impact of such incidents on ADA’s price action
This incident has sparked a broader conversation about accountability, especially concerning influential figures whose actions can significantly sway investor sentiment.
Much like Elon Musk’s impactful tweets that have propelled coins such as Dogecoin [DOGE], Shiba Inu [SHIB], and Pepe [PEPE].
