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Justin Bons appears to be changing his tune on his criticism of Cardano
Justin Bons, the founder and CIO of CyberCapital and an outspoken figure in the cryptocurrency community, appears to be changing his tune on his criticism of Cardano.
A lot of people love my critiques until I criticize their favorite project
I might be wrong in some cases, but I suspect in most of those cases, there was a bias involved
Maybe I was wrong about Cardano, but I certainly was not disingenuous, even if you cannot read my mind
— Justin Bons (@Justin_Bons) December 22, 2022
He responded to a user who pointed out his disingenuous take on Cardano, stating, “I might be wrong in some cases, but I suspect that in most of those cases, there was a bias involved. Maybe I was wrong about Cardano, but I certainly was not disingenuous, even if you cannot read my mind.”
In April of this year, Bons took to Twitter to say that the Cardano network was propped up by false promises and remained outdated and “least capable” among several competitors.
He further criticized Cardano for its “slow and steady” approach, emphasizing that it lagged behind other projects. “If ADA continues to develop at this pace, it will only get even further behind in the future. As the competition is innovating much faster now. It is clear that ADA has gained its prominent position based on the promises of its founder,” he wrote.
14/20) I understand that ADA promises major breakthroughs in the future
But in cryptocurrency that is not enough
Considering the terrible track record of ADA
It is fair to evaluate the current track record as a predictor of future progress
— Justin Bons (@Justin_Bons) April 24, 2022
Cardano is often reputed for its ”slow and steady” approach. In response to this view, Cardano builder and IOG CEO Charles Hoskinson often stated that the company’s “slow and steady” approach to development has proven to be considerably better in the long term.
The recent events, notably the FTX implosion, has in a way vindicated Cardano. The imploded FTX exchange did not have any spot ADA pair listed, being the only major cryptocurrency without a spot listing.
Cardano is also often criticized for being a “ghost chain.” However, recent reports have indicated 1,151 projects are building on the Cardano blockchain. The number of Plutus scripts has risen by 394% since 2021, while native tokens are now over 7.3 million, with minting policies at 66,950.
The Dogecoin price has been left behind in the remarkable cryptocurrencies rally. DOGE is trading at $0.314, which has declined by about 7.17% in the past 7 days. It has also dropped by more than 2.8% in the past 24 hours. Other key altcoins like Cardano and Binance Coin have risen by more than 16% and 37% in the past 7 days.
Cryptocurrency prices have followed the price of Bitcoin higher in the past few days. Indeed, the total market capitalization of all coins tracked by CoinMarketCap shows that their total market capitalization has jumped to more than $2.2 trillion. This recovery provides further evidence that cryptocurrency prices have a close correlation with Bitcoin.
Still, Dogecoin price has lagged because of several reasons. First, the total volume of DOGE traded every day has been falling. On Monday, the volume was more than $2.8 billion. While this was higher than in the previous day, it was substantially lower than this month’s high of more than $8 billion. Similarly, the search volume of Dogecoin and DOGE have all declined.
Second, in my view, the coin has lagged because of the muted activity of Elon Musk and other boosters. Historically, the coin’s price tends to do well after a guy like Elon Musk or Mark Cuban talks about it.
Finally, I believe that the coin has underperformed because of the overall rotation as investors move to other high-yieldng coins. The most logical one is Cardano, whose price has more than doubled recently. Other red-hot coins recently have been Enjin Coin, Solana, and Terra.
The four-hour chart shows that the DOGE price has been under pressure. Indeed, it has declined by more than 10% from its highest point this month.
The coin’s price remains along the 25-period and 50-period exponential moving averages. The MACD has moved below the neutral level while the Relative Strength Index (RSI) has formed a bearish divergence pattern. Therefore, there is a possibility that the coin will keep falling as bears target the key support at $0.30. In the longer-term, however, it will likely break out higher and move above the August high at $0.3535. Read our guide about how to buy Dogecoin.
