Cardano Founder Reiterates Long-Term Purpose Amid Sell-Off Panic
November 22 2021 - 5:00PM
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Cardano (ADA) has been experiencing struggling prices since it hit
its all-time high above $3 back at the start of September. Since
then, it has been on a downward trend and had fallen below $2 for
the first time as October drew to a close. Despite some important
announcements and strides on the part of the project, the token has
not seen much recovery, leading to panic among its holders. In
light of this, founder Charles Hoskinson once again took to YouTube
to address those whom he thinks are too overly concerned about
price rather than the technology. This will not be the first time
that the mathematician has had to address price concerns from the
community. Related Reading | Cardano Founder Says Metaverse Is
Important For Crypto A week ago, Hoskison had also taken to his
YouTube channel to address price speculations, mentioning that
money was not the purpose of Cardano. Rather the benefit of the
blockchain to humanity was the goal. Hoskinson Calls For Calm In
his YouTube video, the Cardano founder asked the community to calm
down when it comes to the price of the digital asset. There have no
doubt been sell-offs happening in relation to the cryptocurrency
but this is normal for any asset really. Investors will get to a
point where they sell off some of their holdings to take gains. The
founder asked people who were in a panic over this sell-off to
“chill out”. ADA low momentum continues | Source: ADAUSD on
TradingView.com The founder pointed to the notion of price
discovery given the performance of coins like Dogecoin and Shiba
Int which have no utility whatsoever, yet have seen tremendous
growth. He calls for people to forego the notion of price discovery
and instead focus on the impact of the project. Mostly, Hoskinson
pointed to newcomers who have mainly been the ones panicking when
it comes to price. He explains that people like these are obsessed
with price and “there seems to be an utter lack of perspective.”
Cardano Looking To The Future For the older investors in the
project, most had gotten into Cardano for the impact that they knew
the blockchain could have and Hoskison has echoed that sentiment.
Instead of looking at price, the founder prompted the community to
look towards the future, towards what Cardano could mean for the
world someday. Related Reading | Cardano Leads Altcoins As
Market Marks 13th Consecutive Week Of Inflows For Hoskinson,
Cardano goes beyond making money through investing in the token. He
sees the project being an important part of the backend of
nation-states and payment solutions going forward. “If you look at
a five-year, a 10-year, a 15-year, a 20-year package, we really
feel that there’s a strong possibility Cardano could be the backend
of many nation-states,” said Hoskinson. Also, the founder explained
that there is no way to accurately predict what Cardano would be
worth once it reaches its full potential. However, Hoskinson sees
Cardano as being “the biggest preserver of human rights the world
has seen.” Featured image from Binance Academy, chart from
TradingView.com
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