#Cardano founder Charles Hoskinson has reacted to the recent OM token fallout, reiterating Cardano’s consistency amid transparency concerns in the Mantra ecosystem.
The Cardano founder weighed in on the Mantra token dump in an X post. While some expected his expert thoughts on what actually happened, Hoskinson focused on Cardano’s consistency over the years despite widespread criticism.
Hoskinson Slams Anti-Cardano Preachers
Per the tweet, the Input Output Global CEO seemed to taunt key opinion leaders (KOL) who branded Cardano a “dionchain” or “ghost chain” and touted a dollar-cost average (DCA) into the “next big thing” like Mantra. He references the recent occurrence as proof of Cardano’s consistency.
The Cardano network is not new to widespread criticisms. Several comments have branded the layer 1 network a ghost chain with outdated technology.
One such comment came from a 2021 CoinDesk report, which sparked a reaction from Hoskinson. The media described Cardano as a vaporware network with fading relevance in the blockchain industry.
Furthermore, Macro Investor Global’s CEO, Raoul Pal, previously argued that Cardano is dead, advising crypto enthusiasts to divest from “cults” like ADA and XRP to newer tokens with better potential. Nonetheless, the ecosystem has remained generally bullish despite this, with many other such analysts redressing their steps later on to acknowledge Cardano’s giant strides.
The Cardano founder had this in mind while taunting prominent market players whose call to DCA into tokens like Mantra has backfired.
What Happened with Mantra?
The layer 1 network’s native token, OM, was in the news over the weekend over transparency issues, which saw its token crash by over 90%. The OM token plummeted from $6.35 on Sunday to $0.37 in a few hours, reliving the Terra Luna capitulation in 2022.
While market participants have made several claims, the most recurring in their statements has been massive sell-offs due to skepticism from the transparency of the Mantra team....
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