Is X hurting Cardano? Charles Hoskinson wants the community on Discord instead!

Cardano founder Charles Hoskinson is planning to ditch X (formerly Twitter) for Discord. In a recent statement, Hoskinson said he will continue his video streams on X, but he’ll focus on Discord for “well-moderated channels.”

We can have happy, positive, well-moderated channels and leave behind the drama, lies, endless rage, and embittered people for a place where real conversations and real progress can be made.

Well, the move is not a surprise though. A few days ago, Hoskinson complained that X was a toxic place, decrying the “narrative war” that has sidelined Cardano’s true advancements lately.

According to him, X has become a platform of “endless drama” and FUD, instead of real work. 

Reactions to Cardano’s migration

Coincidentally, Hoskinson’s migration update happened after renewed scrutiny of an alleged sell-off of ADA holdings. Additionally, several community members have been pressing for answers after ADA’s price recently fell to a 6-year low. 

In fact, market analyst Marty Party reinforced the ‘Ghost Chain’ tag, noting that Cardano has no stablecoin or tokenized stocks traction. 

I’ve never met anyone with a Cardano wallet, that uses Cardano, that pays or earns in ADA or any stable coin on Cardano. That’s why it will prob drop further. Its just not adopted. Why has Circle not issued $USDC on it?

This contrasts with Hoskinson’s view of the chain. According to him, Cardano is the only chain that has solved the blockchain trilemma problem and is the only one that can run global systems. 

For him, the “narrative war” that’s prevalent on X is what’s slowing down Cardano’s adoption. It remains to be seen whether the migration will help it win the “narrative war.”

One user criticized the move though and warned,

Right now Cardano is relevant because its community is relevant here. If we take this away, I think it might have major repercussions.

Cardano market sentiment hits ‘extreme fear’

Since last October’s market crash, ADA’s market sentiment has remained below 50 – Underscoring a neutral to bearish outlook by traders.

At the time of writing, traders were signalling ‘extreme fear’ levels of 12, reinforcing the negative sentiment amid the ongoing scrutiny and FUD. 

Separately, some of the top ADA whale wallets (red and yellow lines) accumulated during the recent dip. They also offloaded some of their holdings during the recent relief bounce though. 

On the contrary, whales with at least 100M ADA holdings (blue line) have begun accumulating ADA at current levels. 

Overall, weak sentiment and FUD are being leveraged by some long-term investors as a strategic buying opportunity. 

Final Summary

• Hoskinson announced that plans are underway to move the Cardano community from X to Discord. 
• ADA’s market sentiment slipped to ‘extreme fear’ for the second week as mega whales added positions.