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Cardano Founder Hoskinson's Single Post Crashes This NFT by 76%

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Mon, 11/12/2023 - 10:17
Cardano Founder Hoskinson's Single Post Crashes This NFT by 76%
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In a surprising turn of events, Charles Hoskinson, the visionary behind decentralized blockchain Cardano, inadvertently sparked a wild roller coaster on the crypto market.

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On serene Sunday, Dec. 10, Hoskinson innocently shared a snapshot featuring himself and his four-legged companion, Freya, on the social network X. Seemingly harmless, this ordinary post took an unexpected twist.

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The twist came in the form of an inactive account tagged in the post, labeled FreyaHoskinson. Opportunists quickly seized on the moment, transforming the dormant account into the center of a new NFT project on Cardano, aptly named FREYA.

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Almost instantaneously, the illusion was cast upon the crypto community that Hoskinson had given his seal of approval to this newly emergent cryptocurrency venture, causing a frantic surge of excitement among eager traders anticipating swift profits.

The NFT associated with the project skyrocketed an astonishing 2,530%, triggering a speculative craze. However, as quickly as the surge occurred, a sharp decline followed suit. Within the subsequent hour, half of the token's value plummeted by a staggering 76%, leaving traders bewildered and frustrated.

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Source: TapTools

Facing the storm of criticism that ensued, Hoskinson promptly addressed the situation. In unequivocal terms, he disassociated himself from the fan-created project, emphasizing that he had neither endorsed nor conducted any due diligence on the burgeoning NFT venture.

In a candid statement, he asserted, "I'm not affiliated...I don't commercialize it and haven't collaborated with anyone to do so."

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To add to the twist, Hoskinson deleted the original post featuring Freya and the now-infamous account mention, distancing himself from the unintended chaos that ensued.

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