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Charles Hoskinson Compares Present Crypto Industry to Weird Meme of Glue Invention

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CEO of IOG and Cardano founder has posted a meme that, in his opinion, sort of describes the current crypto industry

CEO of Input Output Global and founder of the Cardano Foundation, Charles Hoskinson, now seems to be following Elon Musk’s example as he has started posting memes on his Twitter page.

Cardano founder says this meme describes crypto industry

The meme shared by Hoskinson is, in his view, somewhat related to the current state of the crypto industry. The meme about the invention of glue seems to describe how crazy innovators may seem to average users in their research and attempts to innovate when they suggest “melting a horse so we could stick stuff to other stuff.”

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On Sept. 1, Cardano launched a testnet for smart contracts prior to rolling out the much-anticipated Alonzo hard fork scheduled for this Sunday, Sept. 12.

Recently, Cardano faced a massive storm of FUD (“fear, uncertainty, doubt”) prior to hard fork implementation. Hoskinson reminded the community that the same happened to Cardano last summer when it rolled out the Shelley hard fork, which introduced proof of stake (PoS) consensus to the network, leaving proof of work (PoW) in the past.

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As of Monday, 64% of Cardano stake pools were ready for Alonzo and upgraded to the 1.29.0 Alonzo node.

Binance now supports Alonzo release

As reported by U.Today earlier, the largest crypto exchange, Binance, made a public statement that it will be supporting the upcoming Cardano upgrade. ADA withdrawals and deposits will be put on hold until the hard fork rollout is over. Trading will continue to take place as usual.

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Cardano

Cardano (ADA) Hits 1 Million Wallet Staking

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  • Cardano reached 1 million wallet staking.
  • Crypto investor Jesse Blount congratulates Charles Hoskinson.
  • Trader Lukas Moore believed that Cardano will be parabolic in 2022.

Recently, Cardano (ADA) reached 1million wallet staking on its network after four years since inception. This is happening as the network is experiencing growth in the crypto space. Moreover, ADA has grown fast to become the 6th largest cryptocurrency by market capitalization, according to CoinMarketCap.

In addition, crypto investor, Jesse Blount, posted on his Twitter account congratulating Charles Hoskinson, CEO of Cardano, for its incredible milestone.

At the time of writing, ADA is trading at $1.40, a comparatively fair value despite having lost roughly 30% of its previous standing over the last week. This is understandable given that the entire crypto market is currently striving to recuperate led by Bitcoin.

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On the other hand, trader Lukas Moore believes that Cardano will be parabolic in 2022. In fact, he shares his review by sharing the Cardano journey and why ADA is a great opportunity to invest now. In addition, Lukas reveals some opportunities that will introduce themselves in the Cardano ecosystem for the coming year.

Furthermore, one of the most recent developments in Cardano is the release of its smart contracts. With this growth, users in the ecosystem could eventually do more on the platform. Moreover, with the Alonzo mainnet launch, smart contracts can now be used on Cardano.

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Cardano’s over 20% dip can be attributed to this factor

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Given the condition of the market on 4 December, it makes absolute sense for what is happening with Cardano. Well, interestingly Cardano is up with a lot of things on its network.

Are Cardano investors done for good?

Yes, the broader market is dipping. However, Cardano cannot hold this one instance alone as the reason why it is currently under $1.5.

Now, the development on the network has been consistently good, both on GitHub and in terms of DeFi. In fact, Cardano’s smart contract capability is being explored more and is looking good too. Some of the major Cardano protocols such as SundaeSwap, Genesis House, among others have been growing.

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But on the spot front, ADA has been an eyesore for more than three months now. Most of the market observed some sort of rally either in October or November but Cardano has not been able to breach the $2.28 resistance since August, let alone mark a rally.

Since its last ATH, the altcoin has declined by over 53%.

Cardano price action | Source: TradingView – AMBCrypto

The most troublesome part is that its once hyper bullish community is slowly straying away from it. Cardano around August had the biggest social presence of any altcoin after Ethereum. Its social domination stood at 11%, but it has since plummeted down to 4% as of 4 November.

Cardano price action | Source: TradingView – AMBCrypto

Well, one can’t really hold investors responsible for moving out since they have seen nothing but losses for over three months. Notably, two million investors are worse off since they entered the market.

Cardano investors in loss | Source: Intotheblock – AMBCrypto

Considerably, the only active entity at this point are whales. Conducting transactions worth around $12 billion on an average daily, they are keeping the velocity in check.

Cardano large transactions | Source: Intotheblock – AMBCrypto

The one good exception could have been its recovered correlation with BTC. However, it came at such a surprising time; Bitcoin fell under $50k on 4 December, it took down ADA too.

Cardano correlation with Bitcoin | Source: Intotheblock – AMBCrypto

Thus, internally, Cardano needs to find more demand in order to stage an ATH-breaking recovery. Not many new investors have joined in over 10 days.

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Cardano To Rise, Trader Encourages 2022 Cardano Investments

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  • A crypto trader expects Cardano to be parabolic in 2022.
  • He explains why Cardano will likely rise up in 2022.
  • He also shares his investment plans for 2022.

Trader Lukas Moore shares his piece on why Cardano (ADA) will be parabolic in 2022. He begins by explaining Cardano’s journey so far and goes on to explain why now is a great opportunity to invest in the asset.

To start off, he says that Cardano’s ecosystem has massive potential for 2022. Thus, he encourages traders to prepare themselves for an advantageous future. In fact, he highlights many opportunities that will present itself in the Cardano ecosystem for the coming year.

The article goes on to highlight the many highs of 2021. Indeed, there have been many new developments this year. To name a few, Solana’s layer 2 project, the rise of meme coins, and the emergence of metaverse projects.

However, one of the most important developments is the fact that Cardano released smart contracts. With this, users on the ecosystem could finally do more on the platform. Still, the network’s momentum is going much slower than investors expected.

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This is why some projects and investors are switching track to Solana and other ecosystems. In contrast, true Cardano believers are staying put and eagerly awaiting for Cardano to explode. This is because Cardano has taken a more academic approach.

In order to not rush the project and deal with missteps, the project is slowly and steadily working its way up to meeting set milestones. So far, the team has delivered on every milestone it set and hasn’t faltered a single time.

Hence, while the build up to the final stage is slow, it is still on time, strong, and secure. Not to mention, the community is also steadily growing and more and more projects are making their way onto the platform.

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Since the Alonzo mainnet launch, smart contracts can now be deployed on Cardano. Therefore, those with technical development skills are starting to build projects on Cardano. With more mainnet upgrades, this process will become even simpler, and more users will deploy their projects as well.        

Thereby, this analyst in particular is hedging his bets. He concludes the article with his plan to take risks on small-cap projects on Cardano. He believes that there are many short-term gains to be made and so Cardano will become a bull market in 2022.

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