- Cardano’s price performance stays relatively flat.
- Critics argue that investors have moved on.
- Charles Hoskinson states that “winners” focus on the long term.
Cardano’s lackluster price performance has recently stirred up no shortage of FUD, with even some diehard supporters beginning to doubt the project. While Input Output CEO Charles Hoskinson brushed aside the “dunking,” critics maintain that the project’s focus on ideals and technical excellence doesn’t cut it in an industry where memes and shiny object syndrome dominate.
Is Cardano Dead?
Influencer Ben Armstrong led the FUD offensive in a recent video exploring whether Cardano is “dead.” While professing his love for the project’s philosophy and founder, Armstrong acknowledged that other layer 1s, such as Solana and Avalanche, are pulling ahead in terms of price appreciation and user adoption.
While Armstrong clarified that he has not given up on Cardano, he suggested that the new wave of retail investors are drawn to more “memeish” and novel projects, which Cardano does not necessarily embody. Similarly, Cyber Capital founder Justin Bons argued that Cardano “does not have much going for it,” not even the decentralization narrative it clings to.
Sponsored
Rather than take the dunking lying down, Hoskinson seemed positively giddy about Cardano’s prospects, declaring that the project “holds all the cards” when it comes to key elements like scalability, governance, and innovation.
Hoskinson pointed to several highly anticipated upgrades on Cardano’s roadmap as evidence of the blockchain’s forward momentum. Among them is the upcoming “Chang” hard fork, which will introduce on-chain community governance, and Ouroboros Leios, which represents “the biggest step forward towards solving the blockchain trilemma,” according to Hoskinson.
Sponsored
In summary, Hoskinson argued that “winners” have a solid foundation built on fundamentals, with supporters who respect that approach.
Despite Hoskinson’s response, growing frustration persists among Cardano supporters who feel the project is steadily losing ground to rival layer 1s. While the exact reasons remain elusive, many attribute the issue to the perceived lack of impactful marketing efforts.
Marketing Woes
Although few could argue against Cardano’s technical capabilities, it has struggled to capture the mainstream attention and excitement enjoyed by rival layer 1s. Many in the community attribute the issue to marketing shortcomings.
A recent survey conducted by Rick McCracken of the DIGI staking pool found that a majority of 69% of respondents felt Cardano’s marketing efforts, impact, and overall visibility were worse compared to other top 10 blockchain projects. This sentiment aligns with past criticisms, such as Mark Cuban’s observation that Cardano remains an “insulated project” with limited awareness beyond its core community.
However, the viral success of “Cardano Girls” suggests that the project has the potential to connect with a wider audience through more relatable and creative marketing tactics. While Hoskinson maintains that the focus remains on fundamentals, solely gunning for this approach overlooks a diverse array of potential new users drawn to emerging trends and less sophisticated and technical matters.
On the Flipside
- While some argue that price is inconsequential, a higher ADA price would have left critics with little motivation to attack.
- A subset of the Cardano community insists that the intense recent FUD is a bottom signal.
Why This Matters
Whether you’re an ADA maxi or think the project is a glorified science project, Hoskinson clearly believes in Cardano’s mission and the market’s ability to recognize that value in the long term.
Read more about ADA’s recent struggles to gain price traction here:
Cardano Tumbles Below $0.6 Amid Waning Market Confidence
Paraguay considers crypto ban as illegal miners run riot. Read more here:
Proposed Paraguay Crypto Ban Sparks Backlash From Advocates
