A recent discussion within the Cardano (ADA) ecosystem has sparked renewed interest in the token. An ecosystem-affiliated account posed a question on Sunday, breaking through the usual calm: whether all of Cardano’s problems could be solved by an increase in ADA’s price.
This prompted a response from Charles Hoskinson, the founder of Cardano, who seemed to suggest that a price rise could indeed be the answer.
Godfrey BenjaminCardano has faced challenges, despite being one of the largest assets in the cryptocurrency market. Hoskinson has previously acknowledged these difficulties, particularly around the ecosystem’s growth strategies, unfunded initiatives and scaling governance.
However, with the arrival of the Voltaire era, Cardano's new governance system is expected to address these long-standing issues, stated the entrepreneur.
Attention-driven market
The idea of a price pump being the best marketing for the token and the ecosystem is not new, and the crypto space has seen many successful examples before, starting with Bitcoin itself, or if we want to address problems in the example of Solana.
Remember how the price pump of BONK put Solana back on the map after the infamous crash of FTX and eventually launched a new wave of meme coins.
So maybe the Cardano token, currently trading at $0.353 per ADA, first needs some price appreciation to finally draw attention to what's happening with its blockchain fundamentals. And in that case, yes, all of Cardano's problems could be solved if the price of ADA goes up.
At the end of the day, it's all about getting the attention of market participants, for many of whom the price chart is the first thing they look at.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya