Cardano founder Charles Hoskinson has noted on his Twitter account that Cardano will also be affected by the current bear market.
The cryptocurrency market has taken a hard hit in recent weeks. Bitcoin fell below $30.000 and UST, Terra’s algorithmic stablecoin, has lost its peg to the dollar, triggering massive selling and a growing sense of fear among investors.
Although all altcoins have had their share of losses, Cardano has been one of the hardest hit. This drop has further raised concerns among investors, who fear that ADA could reach new all-time lows.
Charles Hoskinson, founder of Cardano, has spoken about these concerns and has given his opinion on the current market situation, pointing out that, indeed, we are facing a bear market, but that it is something normal and that, like previous bear markets, it will pass.
It may interest you: Why has the price of Bitcoin fallen?
Charles Hoskinson and the confidence in his project
Recently, Charles Hoskinson shared a message on his Twitter account in which he praised the virtues of his network. One of the things he points out is that, despite the negative climate, Cardano continues to grow. Main network chosen by developers to create their projects.
Hoskins' tweet, in a humorous tone, celebrates the fact that his network is increasingly Faster, more decentralized, with the most advanced technology and, best of all, that its community is the fastest growing of all.
Cardano faces market crash
As expected, comments asking about the current price of ADA soon began to appear, in contrast to the positive attitude of the founder of Cardano, who took the time to answer one of the comments.
Charles Hoskinson explained that we are indeed facing a “bear market”, so it is normal for the price of ADA to fall, just as most altcoins have done. However, This crash has nothing to do with the functionality, the Cardano network or community.
In his tweet, Charles Hoskinson put the dots on the i’s and made his position clear, stating: “Yes, it’s called a bear market. That’s what’s happening. Nothing changes this. No announcement makes a difference. Cardano could cure cancer, give you a personal poker-playing bot that also drives your grandma to church on Sundays, and we’d still be falling.”
With his tweet, Hoskinson confirms his belief that We are immersed in a “bear market” which has caused the price of ADA to hit an annual low.
Cardano a network controlled by its whales
Despite the ADA price crash, The confidence of those who believe in Cardano has not diminished one iota, especially for whales. In this regard, it is worth emphasizing that the majority of Cardano’s circulating supply has always been controlled by whales.
Currently, Cardano whales hold over 30,8 million ADA worth $20,8 million. The whales' accounts do not include exchange wallet addresses, meaning that it is essentially retail investors who have the most faith in Cardano's coin.
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