Investors are worried that the crypto market is about to enter another bull market. Cardano founder Charles Hoskinson has addressed, or rather confirmed, these bear market concerns.
Cardano has maintained its position as the network with the most development and, as a result, has experienced growth in a variety of areas.
In his tweet, the founder celebrated the fact that the network was becoming faster and more decentralised, that it was still the most advanced technology, and, most importantly, that the community was growing from all angles.
That feeling you get when you’ve gotten all the fundamentals right and your protocol keeps getting faster, more decentralized, community growth, and continues to be the most advanced technology pic.twitter.com/PydLs2ZOqD
— Charles Hoskinson (@IOHK_Charles) May 9, 2022
Despite all of the developments, there were those who came out to complain about the falling price of its native cryptocurrency, ADA. A user who is identified as Matt Winfield said this in response to Hoskinson’s tweet, who then took the time to explain why the price has dropped.
We are experiencing a bear market, Hoskinson says. As a result, the price of ADA is expected to fall along with the rest of the market. This will occur regardless of what the network does or what developments are implemented, according to Hoskinson.
“Yes, it’s called a bear market. That’s what happens. Nothing changes it,” he explained to Winfield. “No announcement makes a difference. Cardano could cure cancer, give you a ten-inch dick, give you a personal poker-playing robot that also drives grandma to church on the weekends, and we’d still fall.”
Despite the recent price drop, whales are still very confident about ADA. Cardano whales have always controlled a significant part of the circulating supply.
Cardano whales currently own 30.8 million ADA, which is worth more than $20.8 million. These top whales don’t include exchange wallets. We are talking about individual investors who continue to pour money into the digital asset.
ADA price falling to $0.6 has presented new buying opportunities for these whales, who have continued to fill up their bags through the downtrend.
