Charles Hoskinson Claims No Announcement Could Push ADA Price Higher in Bear Market
one in Recent TweetCardano founder Charles Hoskinson claimed that the cryptocurrency has entered a bear market when asked about the poor performance of the native ADA token.
Hoskinson admits that no single announcement can make a difference. Therefore, the price of ADA will continue to struggle to gain any traction, despite improvements in the protocol’s technical functionality and a growing number of community members.
After posting massive gains in 2021, ADA has underperformed this year, down more than 43% since the start of the year. It is now down 77.44% from its record high which was reached in early September ahead of the much-anticipated smart contract launch.
According to Input Output, about 900 Cardano-based projects are currently in the works. In February, the number of ADA wallets was above 3 million.
However, according to data provided by Messari, active addresses on the blockchain have fallen to their lowest level since August.
According to Defilama data, Cardano has so far failed to launch its killer app, which is currently ranked 31st by Total Value Lock (TVL). According to data provided by DefiLlama, Minswap and SundaeSwap have lost 41% and 36% in a single month.
Earlier today, the price of bitcoin on the Bitstamp exchange fell to $33,265, the lowest level since January 24, amid a brutal sell-off.