Chris Burniske, a partner at Placeholder Capital, criticized Cardano as “malware” in one. Tweet recently mentioned the underperformance of the ADA token.
Last year he remarked that the project was based on “hype” rather than substance.
Burniske isn’t the only one opposing Cardano. Billionaire Mark Cuban has also questioned the usefulness of the popular PoS blockchain.
Galaxy Digital CEO Mike Novogratz has slammed the community behind the project as a “strange cult,” adding that he was shocked by its rating. ADA has lagged the broader crypto market since Novogratz’s comments, as a former Yahoo!Finance reporter put it. tweet:
“Cardano has continued to underperform the broader crypto market since Mike Novogratz told me he was shocked at the Cardano community’s staying power. As of June 2021: Cardano -22%; Bitcoin +21%; Ether +31%”.
The token is also down 17% since the beginning of 2022 and is 62.8% below the all-time high of $3.1 recorded on September 2, 2021.
Despite the criticism, Cardano has shown significant growth over the past year. Earlier this month, the blockchain recently hit a record three million wallets.
According to a recent report published by the Kraken exchange research team, the token’s recent price movements are directly related to increasing network activity.
SundaeSwap, the leading Cardano-based decentralized exchange, recently launched on the blockchain mainnet. The non-depot banking protocol MELD, the NFT platform SpaceBudz, and the Nami wallet extension are among the most well-known projects based on Cardano.
The project is currently in the “Basho” era, where developers will focus on developing blockchain scaling solutions.
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