Cardano price set to tank 10% as social media war between Reddit user, ADA founder develops


  • Cardano price tanks as founder Hoskinson is accused of alt-right participation.
  • ADA is set to tank near 10% with no real support nearby.
  • This online war could prove to be an even more negative factor for Cardano price action.

Cardano (ADA) price is tanking after a riot broke out online between an anonymous Reddit user known as Demesisx and the founder of Cardano, Charles Hoskinson. Hoskinson got called out in an open letter on Reddit for fraternizing with alt-right individuals such as Jordan Peterson and Elon Musk. It did not take long for Hoskinson to respond with his own public letter, which could turn the debate into a tit-for-tat war on social media with negative repercussions for Cardano.

Cardano price tanks due to Reddit fight

Cardano price is responding to the negative PR from Reddit user Demesisx, who ended his open letter by calling himself “the huge Cardano fanboi that has had enough.” In the open letter, Demesisx calls out the founder of the alt-coin for having alt-right sympathies. Hoskinson responded by pushing back against every accusation, though it is questionable whether this kind of PR gimmick will work for him.

ADA reflected that negativity by falling close to 2% in just two trading days. As bears are able to move the needle away from the 55-day Simple Moving Average, the next support can only be found near $0.32. That level is crucial to hold as it was the first real support level that triggered a bounce in the uptrend since January 1.

ADA/USD daily chart

ADA/USD daily chart

The story falls into the gallery of other social media moments – like when Kylie Jenner single-handedly evaporated millions of stock value in Snapchat after issuing a single tweet questioning its existence. Snapchat is still around though, and so Cardano will be, even after this social media war has ended between Hoskinson and Demesisx. Expect ADA to push higher once the storm fades into the background with Cardano price breaking through $0.42.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.

More Bitcoin News
Crypto markets brace for volatility in tight race between Trump and Harris

Crypto markets brace for volatility in tight race between Trump and Harris

The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets. 

More Cryptocurrencies News
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption

More Cryptocurrencies News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP