Main navigation

ADA Price Takes Dip After Cardano Founder Unveils Bear Statue

Wed, 04/12/2023 - 09:43
article image
Gamza Khanzadaev
ADA price tanks following Cardano founder Charles Hoskinson's surprising move with Mr. Claws
ADA Price Takes Dip After Cardano Founder Unveils Bear Statue
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Cryptocurrency markets are known for their unpredictability, and the latest twist involves the founder of Cardano, Charles Hoskinson, and his recent unveiling of a bear statue. After Hoskinson posted a photo of the statue, which he dubbed "Mr. Claws," the price of Cardano's native token, ADA, took a sharp dip, losing important support at $0.4.

ADA to USD by CoinMarketCap

ADA Gains 6%, Crypto Capital Founder Says He's More Confident in Cardano Now

The timing of the drop in ADA's price coinciding with the unveiling of the bear statue is undoubtedly amusing, though it is likely a mere coincidence. This latest drop in ADA's price is the fourth time in a year that the token has failed to move outside the $0.3-$0.4 range, despite attempts to do so. The crypto market is notoriously volatile, and the failure to consolidate above this key level is likely due to overall market conditions.

Voltaire era of Cardano

Despite this latest setback, many investors remain optimistic about the future of Cardano and its cryptocurrency, ADA. The blockchain platform has gained a reputation for being technologically advanced and sustainable, and its growing community of developers and supporters are committed to advancing its goals.

Everything You Need to Know About Voltaire, New Era of Cardano (ADA)

The development team at Cardano is now working on a number of important projects, including the transition to the Voltaire Era, which should become the benchmark for decentralized blockchain governance. As Hoskinson himself said earlier, the innovation from Cardano will set the bar in the crypto industry, as "Cardano did with staking."

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.