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TheCryptoBasic

06/03/2024

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Cardano Founder Reacts to ADA Stagnation Around $0.45

The ADA price stagnation around $0.45 stirs reactions among community members, with Cardano founder Charles Hoskinson joining the debate.  For context, Cardano’s price has continued to trade around the $0.45...

Cardano Founder Reacts to ADA Stagnation Around $0.45

The ADA price stagnation around $0.45 stirs reactions among community members, with Cardano founder Charles Hoskinson joining the debate. 

For context, Cardano’s price has continued to trade around the $0.45 mark since May 29. Despite falling below $0.45 several times, ADA still finds its way back to the 45 cents level after a few hours of trading, but has failed to confidently surpass it.

ADA Stagnation at $0.45 

As a result, some Cardano community members characterized ADA as a “stablecoin.” Interestingly, other community members took to X to share memes explaining the current situation of ADA’s price. 

Cardano stake pool operator Stake with Pride shared a meme of the Grim Reaper with ADA’s logo knocking on different doors marked “45 cents.” 

The depiction suggests that the Grim Reaper, which represented Cardano, had successfully destroyed $0.45 mark twice. However, the Grim Reaper was still faced with the same challenge of overcoming the $0.45 resistance again. 

Cardano Founder Reacts 

The Cardano founder noticed this wave of humor. Reacting, Hoskinson shared his version of the meme, showing the Grim Reaper in disbelief as it fails to destroy the $0.45 mark despite multiple attempts. 

https://t.co/miCNvBOWwS pic.twitter.com/G0k5atQlo5

— Charles Hoskinson (@IOHK_Charles) June 2, 2024

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Although Hokinson’s reaction carries an undertone of humor, it reflects the frustration of Cardano community members regarding ADA’s recent price actions.

Nonetheless, Hoskison’s reaction surprised many, given that the Cardano founder rarely commented on the price of ADA. Instead, he focuses on the development aspect of Cardano, a major move that could bolster the widespread adoption of ADA.

ADA Still Trading at $0.45 

At press time, ADA was still trading around the $0.45 mark, precisely at $0.4534 per token. At this price, Cardano is up 0.37% in the daily charts and down 0.82% over the past seven days. 

It bears mentioning that ADA had previously witnessed prolonged price stagnation in 2019 and 2021. While the price of ADA hovered at $0.04 in 2019, the asset experienced a similar price stagnation in 2021, hovering around the $1 price mark. 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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https://thecryptobasic.com/2024/06/03/ca...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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