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In a revelatory statement, Andrew Kang, a prominent figure in the crypto space and co-founder of Mechanism Capital, asserts that Cardano's (ADA) unprecedented 5,000% surge was catalyzed by Chinese investors.
The investor took to social media to emphasize the profound impact of Chinese participation in ADA's meteoric rise.
Gamza KhanzadaevKang's assertion gained traction following the circulation of a viral video within the crypto community, showcasing elderly Chinese individuals eagerly delving into the intricacies of buying and trading BRC20 assets.
The video, shared by an anonymous user, captured a scene of Chinese elders actively participating in a cryptocurrency seminar, underscoring the unexpected enthusiasm among the elderly demographic for blockchain assets.
This revelation has sparked a broader conversation about the tangible influence of Chinese capital on the crypto market. The viral footage pointed to the burgeoning interest in BRC20 assets among Chinese investors, leading to heightened speculation about the prospects of native Bitcoin assets.
Cardano's bull run
The discussion also prompted a closer examination of Cardano's remarkable performance. In the period of 2020-2021, ADA experienced an extraordinary growth of more than 8,603%, peaking at an impressive $3.1.
The bulk of this surge materialized in 2021, further solidifying Cardano's status as a heavyweight in the crypto market.
Godfrey BenjaminRecent data indicates that ADA continues to exhibit robust growth, surging by 73.7% since the beginning of December. This stellar performance places Cardano among the top performers in the crypto market right now.
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