Cardano (ADA) founder Charles Hoskinson has reacted to a bold projection suggesting ADA could lose its position in the top ten ranking of the most valuable cryptocurrencies.
Bitcoin aficionado Eric Wall took to X to issue his prediction for what the year holds for the crypto scene. One of these predictions is ADA’s departure from its position among the largest crypto assets.
Eric Wall boldly asserted that Polygon’s MATIC token, currently at position 14, would ascend in the rankings and supplant Cardano. This negative projection did not sit well with Cardano community members.
Cardano Army Reacts
One of the leading crypto figures reacting to the post was Cardano’s founder, Charles Hoskinson. Charles Hoskinson responded with a GIF content bearing a sardonic inscription that read, ”Well… we’re waiting!”
https://t.co/4TgoyGIkQl pic.twitter.com/JDVeGET9db
— Charles Hoskinson (@IOHK_Charles) January 29, 2024
Furthermore, Eri Wall’s forecast dredged up memories of past inaccuracies, with community members pointing out that the post was not his first forecast of a Cardano drop below the top ten.
Cardano stake pool operator Cardanians remarked:
“As early as 2021, Eric predicts that Cardano will drop out of the top 10. Why doesn’t he change his strategy and start studying Cardano more? Why doesn’t he try DeFi?”
As early as 2021, Eric predicts that #Cardano will drop out of the top 10. Why doesn't he change his strategy and start studying Cardano more? Why doesn't he try DeFi? https://t.co/jXVvjGPgAz
— Cardanians (CRDN) (@Cardanians_io) January 30, 2024
For instance, in his 2023 crypto forecast, Eri Wall asserted ADA would “finally drop out of the top 10.” Evidently, this dream has failed to materialize.
Meanwhile, some Cardano enthusiasts like Albert Feghaly on platform X conveyed that ADA temporarily losing its top-ranking position would neither surprise nor disappoint them.
Cardano Dropping out of the Top Ten
According to data from market tracking resources, ADA ranks eighth with a valuation exceeding $18.37 billion. Cardano is at least five billion dollars above its closest contender, Avalanche (AVAX).
Considering ADA’s current valuation, falling below the top ten necessitates the asset to lose about $9 billion to match the market cap of Tron (TRX), which is at position 11.
At press time, ADA stands at the 12th most traded tokens in the last 24 hours. Whether Eri Wall’s bleak projection would materialize this time remains to be seen.
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.
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