Hoskinson Says Sea of Red Does Not Reflect Cardano Strength As Crypto Markets Are Disconnected From Reality

Hoskinson laments plummeting crypto prices.

In a two-tweet thread on Twitter today, Cardano founder Charles Hoskinson said that the crypto markets are disconnected from reality as prices keep falling in the face of macroeconomic constraints despite the strength of several crypto products asserting that “Cardano has never been stronger.”

Hoskinson says the crypto focus should not be on price but on how much utility the project provides. Additionally, the Cardano founder asserted that Cardano is changing the world thanks to the budding community, adding, “our best days are ahead of us.”

“A universal truth about crypto is that the markets are disconnected from reality. Cardano has never been stronger and frankly many other projects are also solid across the industry, yet you don’t see that reflected- just a sea of red. Macro factors always win out.”

A universal truth about crypto is that the markets are disconnected from reality. Cardano has never been stronger and frankly many other projects are also solid across the industry, yet you don’t see that reflected- just a sea of red. Macro factors always win out. (1/2)

— Charles Hoskinson (@IOHK_Charles) September 6, 2022

It is worth noting that Cardano is on the brink of what developers tout as its most significant upgrade yet, the Vasil hard fork. The upgrade is set to improve user experience by improving the throughput and reducing gas fees. Additionally, it will help developers create more robust smart contracts and decentralized finance (DeFi) applications with improvements to its smart contract scripting language Plutus.

Notably, last Friday, the development team behind the Cardano network, Input Output Global (IOG), and Hoskinson confirmed that they expect the upgrade to go live on the main network (mainnet) on September 22. The new date comes after the upgrade experienced delays on two different occasions, owing to errors found in testing.

Consequently, with an assurance of the date of the upgrade, the Cardano ecosystem has seen a massive boost in Total Value Locked (TVL). As reported by The Crypto Basic, most decentralized apps (dApps) have seen a TVL boost of at least 10% in the last seven days.

As the buzz around the project heightens, Lunar Crush, a social sentiment tracker, ranked Cardano as the number one altcoin based on social and market activity on Sunday. It bears mentioning that the network’s token ADA has recently seen greater demand across exchanges, earning a listing on Robinhood at the beginning of the month.

Despite these strong fundamentals, ADA is trading at the $0.4616 price point, 9.42% down in the last 24 hours.

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