Cardano’s native token, ADA, is showing strong performance in the market. Currently priced at $0.7562, it has seen an impressive 7.18% increase in the past 24 hours. Trading volume during this period surged to $1.4 billion, marking a nearly 100% rise in activity. The price of ADA has been steadily climbing over the last week, reflecting an uptick of 6.55%.
Analysts are increasingly bullish on ADA, particularly after a confirmed breakout from a falling wedge pattern on its daily chart. The breakout suggests a potential trend reversal, with key price targets set at $1.1378, $1.3609, and $1.7743. The strong momentum, along with rising trading volume, highlights a promising future for Cardano as it moves through mid-May.
NFT artist says Hoskinson moved ADA reserves
While ADA experiences growth, controversy surrounds Cardano’s founder, Charles Hoskinson. Accusations emerged on social media this week, claiming that Hoskinson manipulated Cardano’s reserves after the 2021 Allegra hard fork. The allegations, raised by NFT artist Masato Alexander, suggest that Hoskinson used his control over the blockchain’s genesis keys to erase original tokens and move millions of ADA into reserves.
Hoskinson has vehemently denied the allegations, dismissing them as false and defamatory. He issued a stern warning on social media, threatening legal action against anyone continuing to spread the claims. The Cardano community is left divided, with some supporting Hoskinson’s stance and others questioning the transparency of the actions taken during the hard fork.
Cardano in Trouble Over ADA Reserves
The Cardano community is abuzz over the claims about ADA’s reserves, which have caused heated debate. Although there are voices, such as Jonathan Morgan’s, which have disputed the claims, citing that the unclaimed token transition was an officially scheduled protocol update, there are others who view it as evidence of an underlying flaw. Those who support Alexander propose that transparency and responsibility should always take precedence in decentralized platforms such as that of Cardano.
Hoskinson’s reaction has been quick and unapologetic. He sent Alexander a cease and desist notice and stated that he would take legal action. All the actions regarding ADA’s reserve tokens were legal and transparent, with none of them being wrong, according to Hoskinson. The saga still continues, and the community is waiting for more clarity.
