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HomeCrypto NewsMarketCardano (ADA) Founder Praises Crypto Communities Behavior in Ongoing Market Downturn

Cardano (ADA) Founder Praises Crypto Communities Behavior in Ongoing Market Downturn


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Hoskinson says crypto communities have a long-term mindset.

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Cardano founder Charles Hoskinson has commended investors for their loyalty and long-term mindset toward cryptocurrencies despite the market downturn.

His comment comes after LunarCrush, a cryptocurrency data analytics provider, noted that the global cryptocurrency social contributors have declined only by 0.71% in six months. The social intelligence for cryptocurrency platforms said the metric could indicate that there is little to no growth in crypto market participants. 

LunarCrush added that it could also mean that some investors have left the market or are staying quiet due to a massive decline in crypto prices. 

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Reacting to the development, Hoskinson said the stat is outstanding given that engagement has been stable despite the massive downturn in the crypto market. 

According to Hoskinson, whenever there is a downturn in any marketplace, there is usually a double-digit decline in both contribution and social engagement. “When you see a massive downturn in a marketplace, you’d typically see a double-digit decline in engagement and contribution.” However, cryptocurrency investors defeated all odds to keep engagement stable. 

“The fact that it holds stable means that the crypto communities overall are loyal and have a long-term mindset,” Hoskinson said. 

Investors Still Positive Amid Massive Decline in Crypto Prices  

The entire cryptocurrency market has been affected by a series of political and economic events since the beginning of the year. Thus, causing a massive decline in prices. 

For instance, Bitcoin, which soared to an all-time high of $69,000 in November 2022, fell below $20,000 on multiple occasions this year. However, investors’ reaction to this massive downturn has not been entirely bad, as reported by LunarCrush.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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