Cardano co-founder Charles Hoskinson has fired back in response to a report by crypto research firm K33 Research that questioned the utility of Cardano’s native token, ADA.
In a bold retort earlier this week, the founder of Cardano downplayed the credibility of the research firm, setting the stage for a contentious debate within the cryptocurrency community.

Published on Monday, the report, titled “Why you should sell all your ADA (Cardano)”, contended that ADA lacks meaningful use and value. Notably, a smart contract network’s native token needs substantial use to hold any value. The firm, however, argued that ADA lacks such utility, adding that there was no credible path toward achieving it. The firm also highlighted the absence of proof of ADA’s utilization beyond exchange transfers and alleged artificial activity by holders.
One of the critical points in the report revolved around the stablecoin market on Cardano. While other networks thrive with stablecoins like USDT or USDC dominating DeFi altcoin investing, the firm argued that Cardano is lagging. It pointed out the limited presence of Cardano-collateralized stablecoins valued below one dollar, signalling the network’s lack of meaningful decentralized finance (DeFi) activity.
The firm further predicted a bleak future for Cardano akin to past blockchain projects such as IOTA, NEO, and EOS. The firm argued that successful blockchains must grow organically from real use rather than being propelled by inflated hype and subsidized bootstrapping.
“Cardano has an enticing story for newcomers, with Cardano being branded as “the peer-reviewed research-driven blockchain network…still, all price signals also point to Ada gradually disappearing from the crypto map. ADA has not rallied in line with other ‘stronger’ smart contract tokens when markets have improved, which is a strong indicator of a dying coin,”
the firm stated. Meanwhile, in a dismissive response to the criticism, Charles Hoskinson questioned the identity of K33 Research, expressing ignorance with a straightforward, “Who? Never heard of them.”
Hoskinson’s reaction resonated within the ADA community, with some criticizing K33 Research for what they perceived as a targeted attack on the network. Particularly, “ADA Whale”, a prominent ADA commentator, voiced skepticism over the report, stating, “FYI: this is not how a serious research paper reads or looks like.” He went on to invite the firm’s researchers, urging them to examine what he described as “a fact-based thread on Cardano” that he shared last week.
Notably, this recent critique is not the first time Cardano has faced skepticism. Hoskinson has previously defended the network from claims that it is a “ghost chain”, lacks a working product, and is too decentralized. Nevertheless, despite these challenges, Cardano stands resilient and is currently the eighth-largest cryptocurrency with a market capitalization of $17.9 billion. Moreover, it maintains its status as the second-largest crypto asset by staking market capitalization, underscoring its continued relevance in cryptocurrency. #carnado

$ADA #carnado Cardano (ADA) is recovering this week after a correction period, posting an intraday performance of 0.76% with a price of $0.2476.The crypto expert @Ali_charts predicts that if the seasonality of Cardano's 2018-2020 share price is repeated, the asset will remain in consolidation until July 2024.On the other hand, Valdrin Tahiri says that the ADA can climb to $0.31 in the short termLike other cryptocurrencies, Cardano (ADA) is trying to recover timidly on Friday, after a week marked by geopolitical turbulence and the publication of data on American inflation.Cardano recovers to the rhythm of the turtleCardano (ADA) is recovering this week after a correction period, posting an intraday performance of 0.76% with a price of $.2,476. Many already feared that crypto could not fall into the area around $0.15.#DeFiChallenge #usdr #ftx

After the price of Cardano’s ADA moved up over 49% over the last 30 days, a popular cryptocurrency analyst has noted that it’s current consolidation trend “eerily mirrors” that of 2018-2020, without the COVID-19 crash.
According to popular cryptocurrency analyst Ali Martinez, if the trend is to repeat itself the price of ADA could break through the $0.45 resistance in early December, which would set it up for a surge to $0.75 by the end of next month.
#Cardano's current consolidation trend eerily mirrors the 2018-2020 phase without the COVID-19 crash!

If so, $ADA could break through the $0.45 resistance around the first week of December. The upswing could send #ADA to $0.75 by late December.

Looking to trade this setup? Head… pic.twitter.com/u3KzOsZj2F— Ali (@ali_charts) November 16, 2023
As CryptoGlobe reported, Cardano’s precent price performance has seen 38% of ADA holders be in a state of profit on their investment, in a rise that came amid growing adoption, which is clear by the growth of its decentralized finance (DeFi) ecosystem.
Data from DeFiLlama shows that the total value locked (TVL) on Cardano’s DeFi protocols has grown from around 200 million ADA at the beginning of the year to now stand above 700 million tokens. In USD terms, the TVL grew from $50 million to $267 million at the time of writing.
Moreover, Cardano has also maintained its top stop in cryptocurrency development activity after surpassing the “blockchain of blockchains” Polkadot ($DOT) and its public pre-production environment Kusama ($KSM).
Cryptocurrency analysts are notably bullish on the smart contract platform, with price predictions suggesting the cryptocurrency will rise to around $10 in 2024, up from its current level of $0.36.
More bullish price predictions suggest the price of Cardano will explode over the next year to reach the $30 mark, with crypto analyst Lucid basing this prediction on global inflation acting as a catalyst for the cryptocurrency market’s total capitalization to grow past the $10 trillion mark.
It’s worth noting that institutional investors are showing interest in Cardano. According to CoinShares’ latest Digital Asset Fund Flows report, Cardano-based investment products attracted over $800,000 last week, bringing the total investment for the year to $8 million.
$ADA #carnado #Ada

Cardano (ADA) is displaying a bullish signal, aiming for a price target of $0.68. In the broader digital currency landscape, many altcoins are rebounding from recent losses.
Cardano (ADA) is following suit, experiencing a 6% surge in the past 24 hours, reaching $0.513. With this momentum, the coin has recovered all losses for the week and is now up by 4.18%.

Cardano’s Bullish Potential: Analyst Predicts 32% Surge
Top market analyst Ali Martinez has highlighted Cardano’s bullish outlook, noting the formation of a Descending Triangle setup on its daily chart. This pattern suggests further uptrends for Cardano. According to Martinez, if Cardano manages to sustain its current bullish momentum and closes above the $0.53 level, the coin could embark on a parabolic journey with a potential 32% surge.
Martinez’s estimate suggests that this rally could propel Cardano’s price as high as $0.68. Notably, Cardano has not revisited the resistance point at $0.6 since January 11 of this year. This indicates that the $0.6 level holds significance, and breaching it could signal a more ambitious rally ahead.

Cardano’s Strong Fundamentals Support Growth
Cardano stands out among protocols due to its robust ecosystem fundamentals, providing a solid foundation for its projected growth. Investors in Cardano can rely on the real-world applications of various blockchain solutions, making it an attractive investment option.
One notable innovation from Cardano’s parent company, Input Output Global (IOG), is the Cardano Light Wallet Lace. This wallet allows users to store their assets and conduct transactions, providing Cardano users with the same benefits as any other Web3-based wallet.
Cardano is an advanced blockchain with a dedicated community of developers continually working to ensure consistent upgrades and innovations. This commitment to development ensures that Cardano remains at the forefront of blockchain technology.
With its strong fundamentals and ongoing innovations, Cardano has the potential to support significant future growth. The current uptrend in its value may just be the beginning of a larger trend towards success.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#Ada #carnado