Cardano Falls 95% From Peak; Founder Says He Never Promised ADA Price Gains
Charles Hoskinson, the founder of Cardano's ADA token, said he never promised the token's price would rise, responding to criticism over its weak performance.Hoskinson made the remarks during a recent YouTube AMA session, Decrypt reported on November 14, as investors voiced frustration over ADA's price.One investor claimed Hoskinson had previously promised that ADA would surpass Bitcoin. Hoskinson denied that, saying he had never made such a promise. He added that while he views ADA as a better store of value than Bitcoin, that does not guarantee price gains.Hoskinson also said Cardano's technical development and token price are separate issues. He said the development roadmap had been completed and that everything he promised to build had been built. He added that Cardano is now a decentralized network capable of making decisions and operating on its own without the founder's consent.He also expressed frustration with investor demands for higher prices. What investors ultimately want, he said, is for him to raise the value of their holdings. Even if the price rises, investors who bought at higher levels would still demand further gains, making it a never-ending cycle.As of 7:20 p.m., ADA was trading at $0.1637, down 4.37% from a day earlier, according to CoinMarketCap. That is 95% below its all-time high of $3.09 reached in 2021.