Charles Hoskinson Responds to ADA Crash Rumors and Investor Frustration

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Cardano founder Charles Hoskinson has dismissed rumors that he sold 1 billion ADA tokens during the last cryptocurrency bull market. The speculation arose after an X user, Brodie, claimed that Hoskinson cashed out when ADA reached its peak price of $3.60.

Hoskinson responded to these claims, stating, “It didn’t happen. People just lie. It’s how the internet works now.”

It didn't happen. But just lie to people. It's how the internet works now.
— Charles Hoskinson (@IOHK_Charles) October 13, 2024

Rumor Sparked by Joke Comment

The rumors began after a Cardano supporter, Jason Appleton, jokingly asked Hoskinson if a helicopter seen in a Fox News clip belonged to him. Appleton’s comment was related to the costs involved in Hoskinson’s charitable efforts, such as his work with World Mobile and aid for hurricane victims in North Carolina. Appleton remarked, “Costs a lot to be this generous.”

Brodie and other commentators took this as a suggestion that Hoskinson’s generosity stemmed from allegedly selling billions of ADA at a high price during the bull market. However, Hoskinson firmly denied these claims.

ADA’s Continued Price Decline in 2024

Cardano’s price has struggled throughout 2024, leaving some investors frustrated. X user “UKRealtech” shared a TradingView chart showing ADA’s poor performance against Bitcoin, highlighting a year-to-date (YTD) decline of 60.61%.

Bye! Have fun pic.twitter.com/u11zx3vB6r
— Charles Hoskinson (@IOHK_Charles) October 14, 2024

In response to this ongoing slump, UKRealtech announced that he had sold all of his remaining ADA and bid farewell to the Cardano project. Hoskinson’s response was a brief, “Bye! Have fun.”

The ADA/BTC trading pair has shown a consistent downtrend in 2024. The pair dropped from 0.00001400 BTC earlier in the year and has stabilized between 0.00000500 and 0.00000600 BTC in recent months. Currently, ADA is trading at 0.00000553 BTC.

ADA’s Long-Term Performance and Current USDT Value

Despite its recent struggles, ADA has shown long-term growth, with a five-year increase of 14.02% and an all-time rise of 10.38% against Bitcoin. However, Bitcoin has outpaced ADA in 2024, showcasing the token’s present challenges.