Cardano Price Drops As Hoskinson Clarifies Relationship To Elon Musk
14 Juin 2024 - 9:15AM
NEWSBTC
In a recent episode of the Thinking Crypto podcast, Charles
Hoskinson, founder of Cardano, addressed the swirling rumors about
a potential partnership with tech mogul Elon Musk. During the
podcast, hosted by Tony Edwards, Hoskinson discussed various
outreach efforts made to Musk’s companies, including offers of free
work to combat bot issues on the platform formerly known as
Twitter, now X. Hoskinson Denies Rumors Of A Partnership With Musk
Hoskinson detailed several attempts by his team to connect with
Musk’s companies, particularly X (formerly Twitter), where they
proposed solutions to combat prevalent issues like fake accounts
and bots. “We’ve reached out numerous times to try to engage with
various people at X, even offering to do free work with verified
tweets or other things just because it’s so bad right now with bots
and these other things, and it’s just always silent,” Hoskinson
lamented. Related Reading: Crypto Analyst Predicts Cardano Price
Will Rally 370% To $2, Here’s The Timeline Despite these efforts,
he confirmed that Musk has never discussed Cardano or any potential
collaboration personally. “I even know Kimbal Musk and I’ve talked
to him on several occasions […] never once has [Elon] mentioned
Cardano or me or anything,” he added. The founder’s comments served
to quash rumors that had suggested potential uses of Cardano’s
technologies, like the Midnight sidechain, in Musk’s high-profile
companies such as SpaceX or Tesla. The speculative excitement
around such a high-caliber partnership had been a point of
discussion among investors and enthusiasts, given Musk’s known
interest in cryptocurrency and his impactful endorsements of
Dogecoin. Despite sharing mutual friends and professional
connections such as podcaster Lex Friedman, Hoskinson expressed
confusion and a bit of melancholy over the lack of engagement from
Musk. “We share mutual friendships so I don’t know why we haven’t
been able to square that circle […] maybe he’s got some people in
his social circle that don’t like me and so he’s got some intel
that I’m a bad person to work with or maybe it’s just he wants to
do his own thing,” Hoskinson speculated. Related Reading: Cardano
(ADA) Headed For Reversal? Analyst Eyes $0.50 As Turning Point
Addressing Musk’s enigmatic persona and unpredictable business
moves, Hoskinson noted, “He’s a magical guy. So it’s really like a
sphinx hard to understand his motivations and understand why he
does what he does. Why does he have this bizarre fetish for
Dogecoin? Is it that he owns 20% of the supply…don’t know with a
guy like that that’s the magic of Elon Musk.” Cardano Bears Remain
In Control The ADA price saw a decrease of 2.2% over the last 24
hours, a dip that coincides with a broader downtrend in the altcoin
market. Trading volume for ADA decreased also significantly,
falling 22% to $357 million over the same period. The ADA price has
consistently traded below the 20-day Exponential Moving Average
(EMA), which has acted as a key resistance level since mid-March.
While there was a brief period where ADA surpassed this threshold,
it eventually faced strong resistance at the 200-day EMA and was
unable to sustain its upward momentum. As such, the 20-day EMA,
currently at $0.445, is a critical near-term resistance level.
Surpassing this barrier could signal a potential shift in market
sentiment, paving the way for a rally towards the 200-day EMA at
$0.494. A decisive break above this longer-term EMA could firmly
establish a bullish trend for ADA. Featured image from YouTube,
chart from TradingView.com
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