Cardano (ADA) Founder Charles Hoskinson Goes Missing, Network Activity Spikes

Cardano (ADA) is grappling with significant challenges as its price hovers near a potential 10% decline. Investor confidence has been shaken by the alleged disappearance of founder Charles Hoskinson, who has been absent from public and social media since August 24.

Cardano (ADA) is grappling with significant challenges as its price hovers near a potential 10% decline. Investor confidence has been shaken by the alleged disappearance of founder Charles Hoskinson, who has been absent from public and social media since August 24. Adding to the uncertainty is the delayed Chang upgrade, now slated for September 1, which has dampened market sentiment.

The ADA price has dropped 1.5% in the last 24 hours as the community eagerly awaits a positive price reaction on the upgrade’s launch day. Meanwhile, comparisons are being drawn to the recent halt of the Ton blockchain due to network congestion following the arrest and subsequent release of its founder, Pavel Durov, further fueling speculation.

Cardano Founder Charles Hoskinson has gone missing.

Last seen four days ago. pic.twitter.com/CMOrUtWh16

— Altcoin Daily (@AltcoinDailyio) August 28, 2024

Cardano Founder Charles Hoskinson has been notably absent from public and social media for the past four days, sparking concerns among the community as the Chang hard fork approaches. Hoskinson, who is an avid user of the X platform, typically posts daily updates on his activities and interactions with the community.

However, there have been no posts from the Cardano founder since August 24, coinciding with a period of significant price decline for ADA. As Hoskinson’s presence is closely tied to the cryptocurrency and its community, his absence has not gone unnoticed.

Whale Activity Rising is Good For Cardano Price

In the absence of its founder, the Cardano network is showing signs of activity, as whale active addresses and whale activity have increased over the last 24 hours.

According to data from Santiment, the activity of whales holding $100,000 or more worth of ADA on the Cardano network increased steadily from August 24, while the price tanked for the same duration.

At the same time, IntoTheBlock data shows large holder netflow was positive from August 25 to 28, indicating that large holders might be buying the Cardano price dip, expecting a future price increase.

On the other hand, the sustained activity of whales could also be a sign of them repositioning their portfolios or moving assets between wallets or exchanges for strategic reasons, which might not immediately impact the ADA price but can signal future market movements.

Active Addresses Skyrocket, But ADA Price Tanks

notable activity on the Cardano chain as active addresses surged to near-monthly highs, while the ADA price dropped.

Active addresses on the Cardano network increased by 49% to 36,184 over the last 24 hours, indicating a significant rise in activity on the chain, according to data from Santiment.

This surge in active addresses could be a sign of growing interest or adoption in Cardano, especially as the Chang hard fork is just three days away. However, it is important to note that active addresses can also include wallets that are being used for airdrops or other activities that may not directly contribute to the price of ADA.

Meanwhile, ADA transaction volume dropped in the same duration, as the average number of daily active addresses decreased by 17% to 24,883, suggesting that users are holding onto their assets rather than trading them.

The AA-volume divergence could signal growing interest or adoption, but the decrease in volume could indicate cautious behavior. Users might be holding onto their assets rather than trading them, possibly due to market uncertainty.

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