Cardano founder Charles Hoskinson is considering abandoning X (formerly Twitter) for Discord. In a recent statement, Hoskinson said he would continue his video streams on X, but would focus on Discord for “well-moderated channels.”
We can have happy, positive, well-moderated channels and leave the drama, lies, endless rage, and bitter people behind for a place where real conversations and real progress can be made.
Well, this decision comes as no surprise. A few days ago, Hoskinson complained that
According to him, X has become a platform for “endless drama” and FUD, instead of real work.
Reactions to Cardano migration
Coincidentally, Hoskinson’s migration update came after renewed scrutiny of an alleged sale of ADA’s holdings. Additionally, several community members have been demanding answers after ADA’s price recently fell to an all-time low. lowest in 6 years.
In fact, market analyst Marty Party reinforced the “Ghost Chain” label, noting that Cardano has no traction on stablecoins or tokenized stocks.
I have never met anyone with a Cardano wallet, who uses Cardano, who pays or earns in ADA or any stable coin on Cardano. This is why it will probably fall further. It’s just not adopted. Why didn’t Circle issue $USDC on it?
This contrasts with Hoskinson’s vision of the channel. According to him, Cardano is the only chain that has solved the blockchain trilemma problem and the only one that can manage global systems.
For him, the “narrative war” plaguing X is what is slowing down the adoption of Cardano. It remains to be seen whether migration will help him win the “narrative war”.
However, one user criticized the decision and warned:
Right now, Cardano is relevant because its community is relevant here. If we remove that, I think it could have major repercussions.
Cardano Market Sentiment Reaches “Extreme Fear”
Since the last The October stock market crashADA’s market sentiment remained below 50 – highlighting a neutral to bearish outlook from traders.
At the time of writing, traders were reporting “extreme fear” levels of 12, reinforcing negative sentiment amid continued scrutiny and FUD.
Furthermore, some of the best ADA whale portfolios (red and yellow lines) have accumulated during the recent decline. However, they also gave away some of their holdings during the recent relief rebound.
On the contrary, whales holding at least 100 million ADA (blue line) have started accumulating ADA at current levels.
Overall, some long-term investors are exploiting weak sentiment and FUD as a strategic buying opportunity.
Final summary
- Hoskinson announced that plans are underway to move the Cardano community from X to Discord.
- ADA market sentiment fell to “extreme fear” for the second week as mega-whales added positions.
