- Charles Hoskinson refutes rumors of selling a billion ADA tokens.
- ADA has seen a significant drop against Bitcoin in 2024, down by -60.61% YTD.
- Meanwhile, ADA’s long-term performance remains positive, with a 14.02% increase over five years.
Cardano founder Charles Hoskinson shot down rumors that he sold 1 billion ADA tokens during the last crypto bull market. The speculation started with an X user, Brodie, who claimed Hoskinson cashed out when ADA was at its peak price of $3.60.
Hoskinson dismissed the rumors, saying, “It didn’t happen. People just lie. It’s how the internet works now.”
The rumor started after Cardano supporter Jason Appleton jokingly asked Hoskinson if a helicopter in a Fox News clip belonged to him. Appleton’s comment hinted at the costs associated with Hoskinson’s charitable efforts, referencing his involvement with World Mobile and assistance in the aftermath of Hurricane damage in North Carolina.
“Costs a lot to be this generous,” Appleton said . Commentators like Brodie suggested that Hoskinson was being generous because he supposedly sold billions of ADA tokens at a high price during the bull market. Hoskinson denied this.
Investor Frustration Over ADA’s Decline
Meanwhile, Cardano has experienced a sharp decline in 2024, prompting frustration among some investors. An X user, “UKRealtech,” shared a TradingView chart highlighting ADA’s poor performance against Bitcoin, noting a 60.61% year-to-date (YTD) drop.
The post expressed disappointment, with UKRealtech announcing that he had sold his remaining ADA holdings and saying goodbye to the Hoskinson-led project. Hoskinson simply responded with, “Bye! Have fun.”
ADA Performance
The ADA/BTC trading pair has shown a consistent downtrend throughout 2024. ADA declined from 0.00001400 BTC earlier in the year and stabilized between 0.00000500 and 0.00000600 BTC in recent months. As of now, ADA is trading at 0.00000553 BTC.
Despite these recent struggles, ADA’s long-term performance still reflects positive growth, with a five-year increase of 14.02% and an all-time rise of 10.38% against Bitcoin. However, Bitcoin has clearly outperformed ADA this year, reflecting the token’s current challenges.
Against USDT, ADA is currently trading at $0.3513, reflecting a 1.9% decline in the past 24 hours. This adds to a total 10% loss over the past two weeks.
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