Cardano founder Charles Hoskinson announced plans to shift community engagement from X to Discord in a recent statement. Hoskinson said he will continue video streams on X but focus on Discord for 'well-moderated channels,' citing X as a platform of 'endless drama' and FUD that has sidelined Cardano's advancements. The announcement follows renewed scrutiny over alleged ADA sell-off and ADA's price drop to a 6-year low, with market sentiment reaching 'extreme fear' levels.
In his statement, Hoskinson wrote that the community can have 'happy, positive, well-moderated channels and leave behind the drama, lies, endless rage, and embittered people for a place where real conversations and real progress can be made.' A few days ago, Hoskinson complained that X was a toxic place, decrying the 'narrative war' that has sidelined Cardano's true advancements lately. According to him, X has become a platform of 'endless drama' and FUD, instead of real work.
Community Members React to Discord Migration Plan
Hoskinson's migration update happened after renewed scrutiny of an alleged sell-off of ADA holdings. Several community members have been pressing for answers after ADA's price recently fell to a 6-year low.
Market analyst Marty Party reinforced the 'Ghost Chain' tag, noting that Cardano has no stablecoin or tokenized stocks traction. Marty Party wrote: 'I've never met anyone with a Cardano wallet, that uses Cardano, that pays or earns in ADA or any stable coin on Cardano. That's why it will prob drop further. Its just not adopted. Why has Circle not issued $USDC on it?'
This contrasts with Hoskinson's view of the chain. According to him, Cardano is the only chain that has solved the blockchain trilemma problem and is the only one that can run global systems. For him, the 'narrative war' that's prevalent on X is what's slowing down Cardano's adoption.
One user criticized the move and warned: 'Right now Cardano is relevant because its community is relevant here. If we take this away, I think it might have major repercussions.'
ADA Market Sentiment Registers Extreme Fear Levels
Since October's market crash, ADA's market sentiment has remained below 50, underscoring a neutral to bearish outlook by traders. At the time of writing, traders were signalling 'extreme fear' levels of 12, reinforcing the negative sentiment amid the ongoing scrutiny and FUD.
Whale Wallets Show Mixed Accumulation Patterns
Some of the top ADA whale wallets accumulated during the recent dip. They also offloaded some of their holdings during the recent relief bounce. On the contrary, whales with at least 100M ADA holdings have begun accumulating ADA at current levels. Overall, weak sentiment and FUD are being leveraged by some long-term investors as a strategic buying opportunity.
FAQ
Why is Charles Hoskinson moving Cardano community to Discord?
Hoskinson cited X as a toxic platform of 'endless drama' and FUD that has sidelined Cardano's advancements. He stated the move aims to create 'well-moderated channels' where 'real conversations and real progress can be made,' leaving behind what he described as 'drama, lies, endless rage, and embittered people.'
What is ADA's current market sentiment level?
At the time of writing, ADA's market sentiment registered 'extreme fear' levels of 12. Since October's market crash, ADA's market sentiment has remained below 50, indicating a neutral to bearish outlook by traders amid ongoing scrutiny and negative sentiment.
