Cardano CEO Warns Of Massive FUD As Alonzo Update Edges Close

Today, Cardano CEO Charles Hoskinson created a Twitter thread where he expressed his frustration at the FUD generated about Cardano on various social handles a few days to its Alonzo upgrade. Hoskinson also remarked that a FUD was also created in the year 2020 in the days leading to the platform’s shelly update, where it switched from a pow to a pos. He also said he doesn’t understand why there were those threatened by Cardano’s Alonzo upgrade, just five days away.

It Wasn’t Unexpected

The Cardano CEO noted that he isn’t surprised in any way about this FUD since a similar thing happened last year. Also, this upgrade and other ones on his protocol fall under the class of what is unclear to many people.

Unsurprisingly, one Ethereum enthusiast has been at the forefront of criticizing this blockchain, including their recent smart contracts’ testnet. Two days ago, this Ethereum enthusiast shared some proof on social media where he claimed that Cardano is a broken protocol. He also claimed that Cardano has several problems to solve regarding its newly launched mini swap exchange. But Cardano released an official thread where it countered Sassano’s claims and provided proof of what went wrong.

65% Of Stake Pools Are Updated Already

Data analytics provider, PoolTool, released which showed that 65% of stake pools are already updated. There are only 5% of them not yet upgraded. However, the IOHK team is confident that 85% of these pools would be ready for the upgrade by the launch date.

Cardano released its test for this upgrade on the first of this month. Coincidentally, ADA (Cardano’s native token) set a new price peak of $2.99 the next day. ADA has gained a jaw-dropping 1,569% since the beginning of this year.

ADA Declines Towards $2 Retest

El Salvador’s historic day is turning into a nightmare as a giant flash crash today has negatively impacted the entire digital asset market. Within hours, the king coin lost $6K while some altcoins lost more than 20% within the same period.

Every crypto trader and investor is surprised by the turn of events today because no indicator warned about what happened. Even the fear & greed index indicated that the market mood is positive. A few analysts postulate that the over $1B liquidations in the market is the cause of this flash crash. 

ADA was also not left behind; Cardano’s native token’s percentage loss was double figures. Thus, ADA is declining towards the lower $2s, which will be its first since early August. It has been maintaining the mid $2s since the middle of last month. It even started today’s session at $2.77.

ADA’s trend lines do not give an exact indication of price direction. The 1-hour chart is displaying several irregular movements. Even though all indicators are predicting a complete recovery, none is predicting when it will recover. ADA price has been rising for fundamental reasons. investors are making bullish moves since they understand that an update often result in rising price of any native token.

By Edward Harris
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