Cardano Founder Explains Why He’s Not Donating to Ukraine – ADA Keeps Collecting

Currently, the Cardano community is under pressure for donations as crypto projects, advocacy groups, and many founders have expressed their support for Ukraine to help it stave off Russian aggression.

As usual, founder Charles Hoskinson released a video about it explain his point of view.

A word of warning to all

Hoskinson admits that others, like Polkadot founder Gavin Wood, have already made donations to Ukraine, but he himself has no intention of supporting in the future.

In particular, Hoskinson pointed out that he was unsure whether the donations would be used for the benefit of the citizens in the future or whether they would be controlled by the “puppet regime”. He also said that teaching a man to fish is better than giving him fish. Hoskinson warns:

“Given the nature of cryptocurrencies, it’s entirely possible that if the Ukrainian government invades, the wallets containing the donations will essentially disappear, they can cover up the theft by stating that the key to the wallet has been lost, or that the key holder has died in the war”.

Instead, Hoskinson suggests, the Cardano community could donate to help Ukraine’s refugees in other countries.

Hoskinson’s comments raise questions about whether an ADA donation would be useful to Ukraine.

Right now, ADA is the 8th largest coin by market cap, trading around $0.834. This token is down 5.09% in the last 24 hours and 9.56% in the last week.

ADA Price Chart | Source: TradingView

Data from Santiment shows that the price and number of active addresses for ADA have been declining for some time. However, active addresses are slightly higher from post-crash lows in December.

Number of active addresses | Source: Santiment

The number of whale shops is also at a very low level. However, the whales quickly woke up as the ADA price staged a slight rally in late February. Nevertheless, the price fell back afterwards. In summary, the number of whale deals has not increased since September 22, 2021.

Number of whale shops | Source: Santiment

ADA continues the accumulation phase

The community continues to support Cardano despite the excitement surrounding its slow development. Many people bought tokens with balances on addresses that reached 12.4 billion ADA in 2022 after three months of accumulation.

Balances of short- and medium-term (from 1 to 10 months) bearer addresses have grown exponentially in 2022, from 8.09 billion to 12.19 billion ADA, an increase of 9.73%. Interestingly, on March 1st, it reached an ATH of 12.47 billion ADA.

ADA credits on whale addresses | Source: IntoTheBlock

Santiment said that Cardano addresses holding between 100,000 and 1 million ADA (whales) bought a large amount of the token on March 2 when the price was in a downtrend. These whales have accumulated over 16,000,000 ADA in the last 24 hours. This is the largest increase in any month.

Whales Increase ADA Accumulation | Source: Santiment

These statistics are supported by the many solid developments on the network. On March 3rd, Cardano deployed a new upgrade of the Daedalus wallet to mainnet, with a number of user interface (UI) improvements.

The Cardano development team has the note published on the website for a very detailed explanation of the improvements and new features. This development is implemented to improve synchronization time and reduce memory usage. It also gives users more information about which node implementations are “hidden”.

However, despite the improvements the network has made, ADA has formed a red candle for the seventh straight month.

$ADA We are working on the seventh red month candle in a row. pic.twitter.com/1AMPRSyYSo

— CryptoDude (@cryptodude999) March 3, 2022

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