NAIROBI (CoinChapter.com) — Charles Hoskinson, the mastermind behind Cardano, sparked a spirited squabble with a tweet that melded spirituality with satire. However, the founder’s attempt to inject a little levity into the mix with a meme captioned “Religion 101” quickly backfired, stirring up a storm among his followers.
Hoskinson’s Religious Meme Provokes Backlash
This contentious post paired a child’s prayer with a dynamic depiction of religious figures engaged in a tug-of-war, a combination many viewed as insensitive. Consequently, it elicited a spectrum of heated reactions from the community.
Way of the Ksatriya, an early ADA holder, who seems to have turned his investment into a spiritual journey, wasn’t thrilled about the mix of divinity and digital currencies. “It is pure ignorance that led him to post this meme. People worship Ganesh, and people worship Jesus Christ. Whatever path we choose to God is our own choice. Have respect for them all as a project creator. They all hold Ada (or used to). I got in at 3c so I am taking my 10x,” he declared.
Another user, @CryptoSteveO1, also criticized Hoskinson’s approach, pointing out the inappropriateness of mocking religious beliefs. His remarks suggest a bleak outlook for ADA’s financial future, hinting at a potential loss of millions more, given the current trajectory amplified by the public relations misstep.
Decline in Market ADA Performance and Investor Confidence
Cardano’s ADA token has dropped about 90% from its all-time high of $3.09 in Sept. 2021, pushing it out of the top 10 cryptocurrencies, overtaken by Tron (TRX) and Toncoin (TON).
Data from IntoTheBlock shows that 70.7 % of ADA wallets, or around 3.37 million, are currently at a loss, while only 30.3%, or 973,000, are in profit. Most of the remaining wallets are near breakeven, with many holders stuck due to heavy losses.
Additionally, Adam Back, a Bitcoin advocate and CEO of Blockstream, suggested this month that ADA could decline by an additional 90%.
Transaction analysis from Santiment underscores a bearish trend, revealing a decrease in whale activity. Large transactions exceeding $1 million have notably dwindled, suggesting a retreat by top investors from the ADA market. Even transactions above $100,000 have become less frequent, suggesting that large investors are either reducing their stakes or exiting altogether.
Additionally, open interest in ADA contracts has plummeted, falling from $623 million in Aug. 2024 to $356 million today, reflecting low confidence among investors.
Moreover, real trading volume for ADA has also taken a hit, dropping by over 70% since early August, which shows larger investors are being cautious.
In summary, Hoskinson’s attempt to blend humor with spirituality in crypto discourse backfired, prompting broader concerns about leadership’s impact on investor sentiment and market stability.
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