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Charles Hoskinson refused to let the network become a subject of ridicule, and he fired back at critics who referred to Cardano as a ‘ghostchain.’
He posted on X, reacting to a publication by the American business magazine Fast Company on activities bordering on crypto projects.
Real Fact with Cardano and Rivals
In the referenced document, Fast Company acknowledged the rising volume of market manipulation in the crypto industry.
The company cited a study published by Cornell University’s preprint server arXiv. The report noted that fewer than 500 people are responsible for up to $250 million yearly in profits and over $3.2 trillion in artificial trading.
Though no specific mentions were made, the report claimed that some crypto projects inflate their numbers to generate nonexistent hype.
These projects tout fake recommendations, claiming they can convince ordinary people to buy cryptocurrency in the long run.
Once this is achieved, the owners pull their stakes and crash the price, leading to massive investor losses.
Hoskinson reacted to this article, stating that critics often rate Cardano, with its real numbers, as a ghost chain.
However, he sarcastically noted that the chains with “fake numbers = VC darlings, mass adoption, changing the world.”
The Cardano founder is keen on showcasing the network’s growth through genuine activities, unlike the subtle narrative being touted by members of other crypto networks.
This update comes only a few days after Hoskinson dismissed fresh allegations that a few entities control the blockchain.
These entities listed the Cardano Foundation, Input Output Global (IOG), and Emurgo as the three authorities controlling Cardano’s ecosystem. In their opinion, this structure disqualifies Cardano from being a decentralized network.
Market Manipulations on Display
While the issue of manipulations abound on most chains, Hoskinson has often advocated for real-time developer work on Cardano
For a long time, crypto investors and founders have leveraged the popular encrypted messaging platform Telegram to conduct their businesses.
In recent times, phony crypto project developers have also begun using the platform. Honglin Fu and colleagues at University College London developed a tracking tool dubbed Perseus for such pump-and-dump schemes.
So far, the tool has identified more than 400 so-called masterminds who helped seed fake hype for crypto coins through millions of Telegram messages.
Last year, Tether and Bitifinex were accused of manipulating the crypto market by issuing unbacked USDT tokens.
Other accusations against the duo were monopolization and restraint of trade based on the Sherman Antitrust Act violations.
It is worth noting that Paolo Ardoino shrugged off this litigation at the time, citing that the stablecoin issuer was ready to defend itself.
Cardano Price Outlook
Amidst the growing criticism, the Cardano ecosystem continues to see increased adoption and growth.
Less than a week ago, ADA recorded impressive market performance. It outperformed major assets like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
According to market data, this has been the trend for the last six months.
Data from TapTools shows that Cardano’s price recorded a remarkable 102.82% gain over the past 180 days.
Within this period, BTC registered a 39.98% rise, BNB had a modest increase of 10.53%, and ETH saw a decline of 19.80%.
At the time of this writing, ADA traded at $0.7028, which corresponds to a 0.05% dip within the last 24 hours.
