"Didn't sell a single one"...Hoskinson maintains largest holding despite Cardano's sharp drop

▲ Cardano (ADA)

Charles Hoskinson, the founder of Cardano (ADA), dismissed allegations of selling, stating that he remains the largest holder despite the recent sharp price drop over the past six months.

According to crypto media outlet The Crypto Basic on April 24 (local time), Cardano founder Charles Hoskinson responded to rumors of asset sales via social media. Hoskinson emphasized that he has not sold a single coin, even as Cardano's price plummeted by 75%. He still holds one of the most significant amounts of assets within the ecosystem. These remarks appear intended to demonstrate his conviction in the project's future value.

Hoskinson focused on alleviating the anxiety spreading within the community. He stated that he remains one of Cardano's largest holders. He also made it clear that he is contributing to network security through staking, even during the bear market. He claimed that allegations of developer departures or fund withdrawals are entirely unfounded. Instead, he asserted that the current correction period is being used as an opportunity to strengthen the ecosystem's fundamentals.

Cardano's price has fallen by approximately 75% over the past six months. Investor sentiment is severely dampened. Its recent performance is poor compared to its past reputation as a top-tier market cap project. The growth of competing mainnets like Solana has significantly impacted it. However, Hoskinson emphasized that completing the long-term roadmap is more crucial than short-term price fluctuations. He analyzed that governance upgrades are key to intrinsic value recovery.

The founder's declaration of holding is expected to serve as a psychological support level, easing selling pressure. On-chain data from Santiment also supports this, showing that the proportion of whales holding large amounts of Cardano remains high. This suggests that long-term investors are still betting on its technical value. Hoskinson, too, is maintaining his Cardano allocation in his portfolio, aligning his fate with the ecosystem.

Cardano now faces the challenge of improving actual user metrics. Development activities to enhance decentralization will continue. It remains to be seen whether the founder's strong holding declaration can turn investor sentiment around. Ecosystem expansion to lay the groundwork for price recovery is still underway. The market's attention is focused on Charles Hoskinson's next moves.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*