The crypto market has taken a beating recently and Cardano has been one of the worst-hit digital assets. This has sparked fear across the market where investors are lamenting that the crypto space is finally headed into another bull market. Cardano Founder Charles Hoskinson has taken to addressing these bear market concerns, or rather, confirming them.
Yes, It Is A Bear Market
In a Twitter post, Hoskinson had posted, obviously lauding the fundamentals of the Cardano network. Cardano has retained the title of the network with the most development being carried out and as a result of this has seen growth in various aspects.
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The founder, in his tweet, celebrated the fact that the network was getting faster, more decentralized, remains the most advanced technology, and best of all, the community continues to grow from all angles, topping this off with a nice GIF.
That feeling you get when you’ve gotten all the fundamentals right and your protocol keeps getting faster, more decentralized, community growth, and continues to be the most advanced technology pic.twitter.com/PydLs2ZOqD
— Charles Hoskinson (@IOHK_Charles) May 9, 2022
Like clockwork, there were those who came out to lament the dropping price of its native cryptocurrency, ADA, despite all of the developments that have been going on. A user who is identified as Matt Winfield said this in response to Hoskinson’s tweet, who then took out the time to explain why the price is down.
According to the founder, this is a bear market. So naturally, it is expected that the price of ADA would be dropping alongside the rest of the market. This will happen regardless of what the network does or what developments are carried out, Hoskinson explained.
“Yes, it’s called a bear market. That’s what happens. Nothing changes it,” he told Winfield. “No announcement makes a difference. Cardano could cure cancer, give you a ten-inch dick, give you a personal poker-playing robot that also drives grandma to church on the weekends, and we’d still fall.”
Basically, the tweet confirms his belief that the market is now in a bear. One that has seen ADA’s price decline towards yearly lows.
Whales Still Down With Cardano
Even though the price of the digital asset is down, it has not served as a deterrent for those who believe in the network, most especially the whales. Cardano whales have always controlled a significant part of the circulating supply.
ADA declines to $0.67 | Source: ADAUSD on TradingView.com
Presently, Cardano whales own a reported 30.8 million ADA valued at over $20.8 million. These top whales do not include the wallets of exchanges, meaning that these are individual investors that continue to pour money into the digital asset.
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With the price of ADA now sitting at $0.6, it has become a buying opportunity for these whales, who have continued to fill up their bags through the downtrend.
Featured image from NewsBTC, chart from TradingView.com