- Cardano struggles amid long-term downtrend.
- The Ape Society ditches Cardano for Base‘s brighter future.
- An X post reignites the Cardano-TAS drama.
Cardano has been stuck in a multi-year downtrend, with ADA down 89% since its all-time high in September 2021. Although a Bitcoin ETF boost in Q1 briefly pushed ADA to a year-to-date high of $0.80, the momentum faded, and price struggles have persisted for various reasons.
Sponsored
Adding fuel to the fire, “King Alex,” a member of The Ape Society (TAS) NFT project, recently criticized ADA’s underwhelming price performance. He implied that TAS’s departure to the Base from Cardano in May has contributed to ADA’s ongoing decline, reigniting past tensions.
Cardano More Peaceful
With ADA continuing to languish, King Alex seized the moment to taunt Charles Hoskinson, suggesting that TAS’s exit from Cardano in May played a major role in ADA’s continued decline. His remarks sparked fresh drama and reignited tensions between the communities.
The response to King Alex’s jab was mixed. While some called for cooler heads to prevail, Hoskinson didn’t hold back, saying he was glad TAS left, claiming the Cardano ecosystem is more peaceful without them.
Some argued that King Alex’s point lacked substance, noting that Ethereum, Base’s native token, has also seen price struggles recently, particularly post ETF approval.
The conversation shifted back to TAS as others accused the project of overreacting to past incidents. For many, this highlighted TAS’s tendency to cause conflict instead of addressing the root causes behind their departure.
The Ape Society Drama
Wading into the past, Farid from the Dapp Central YouTube channel reflected on the events leading up to TAS’s departure. He suggested that the TAS team’s reaction to setbacks played a key role in creating friction within the Cardano community.
According to Farid, the drama began when TAS aimed to launch a new token for its Levvy peer-to-peer NFT lending platform. However, Hoskinson declined an invitation to an X space discussing the Levvy token, expressing concerns about being perceived as endorsing it. As a result, TAS struggled to raise the necessary funds to launch the new token.
The situation worsened when the community rejected TAS’s Project Catalyst proposals, which sought funding for wallet development. This lack of support added to TAS’s frustration and discontent, intensifying the tensions between the project and the rest of the community.
TAS announced its decision to leave Cardano in May, citing Base’s advantages in SocialFi opportunities, liquidity, user base, and marketing.
Since switching chains, TAS NFTs have established a price floor of 0.18 ETH ($400), just below their 0.20 ETH ($460) all-time high. However, trading volume has been modest, totaling 36.32 ETH ($82.8k) since the move, according to Magic Eden.
On the Flipside
- The NFT market is down significantly from its 2022 sales peak.
- Leading Cardano NFT projects include Zombie Chains, DeadPxlz, Yummi Universe, Clay Nation, and SpaceBudz.
- Bitcoin‘s dominance reached a 180-week peak of 58%, putting altcoins under pressure.
Why This Matters
The drama surrounding TAS’s departure underscores the difficulties of reconciling developers’ aspirations with the needs and expectations of the broader community.
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