- A Dogecoin millionaire has announced his support for Cardano (ADA) amid the upcoming Chang hard fork.
- Cardano has been undergoing a series of criticisms with the recent one coming from K33 Research, asking holders to liquidate their assets.
Cardano’s (ADA) performance has been sluggish this year, recording a year-to-date decline of 44%, a 90-day decline of 20%, and a 30-day decline of 11% to trade at $0.34.
However, popular Dogecoin millionaire Glauber Contessoto, also known as SlumDOGE Millionaire, reiterates his support for the asset. Interestingly, his comment came in response to a tweet from Cardano’s co-founder Charles Hoskinson, announcing the upcoming Change hard fork.
For context, Cardano recently disclosed that its much anticipated hard fork could turn the project into a fully decentralized blockchain to enable holders to actively decide on the operation of the network. According to reports, a member-based organization for the Cardano ecosystem, Intersect, would unveil an interim version of the Cardano constitution during the first part of the hard fork. The second part would also focus on the transition to a full-fledged decentralized government via the introduction of delegated representatives.
Responding to these upcoming features, Contessoto wrote on X that he still believes in ADA. Fascinatingly, this comes as no surprise as the Dogecoin millionaire has been a long-term fan of the digital asset. Listing his top five cryptos on August 9, the popular trader mentioned ADA along with Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and Dogecoin (DOGE).
Three years ago, Contessoto declared bullish for ADA, and weeks after that, the asset rallied and peaked before losing about 87% of its value. Even so, he claimed to have purchased a cumulative amount of 100,000 ADA tokens in 2023.
Criticisms Around Cardano (ADA)
Despite a section of the crypto community strongly optimistic about the potential of ADA, others label the asset as “completely useless”. A typical example is the January 2024 report by K33’s Head of Research, Anders Helseth, urging ADA holders to sell all their assets.
According to him, multiple projects with zero traction emerged, promising extensively after executing upgrades and securing some funds. However, they ended up becoming failures. His report cited NEO, IOTA, EOS and ADA as examples of such projects.
There has been a multitude of projects through the years, starting with zero traction and promising heaven and earth later when some tech upgrade is added, or some partnership is secured. All of these have failed. Successful blockchains and their tokes emerge evolutionary. The creationistic, grand idea, subsidised bootstrapping and no real use-blockchains all get their time in the spotlight as investors jump in on the hype, but they also drift into irrelevance over time. Just look at IOTA, NEO, EOS, Concordium and many more.
According to the report, Cardano supporters usually counter these arguments citing the average of around 90,000 daily transactions on the network. However, these cannot be equated to meaningful activities. It also claimed that a group of “bagholders” have been fabricating blockchain activities with the Cardano network experiencing no progress.
There is no outside proof of anything going on. It is only the blockchain data and trading on exchanges. In the protocols where we know there’s real activity, there’s always outside proof of that activity. Hence, the lack of this serves as a ‘proof by contradiction’.
