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Charles Hoskinson, the founder of Cardano, recently responded to the comments made by market veteran Raoul Pal.
Recall that Pal, speaking on Real Vision, criticized the so-called “cult-like” mentality of investors holding onto “old coins” like Cardano and XRP. These comments, shared widely on social platforms like X, prompted a sarcastic retort from Hoskinson.
Cardano’s Underperformance
Notably, Cardano’s performance in this bull run has not been particularly favorable, a pattern it shares with XRP. ADA has faced challenges, underperforming while assets like Bitcoin (BTC) hit new highs.
Despite the broader market seeing gains, Cardano has collapsed by 40% in 2024 alone. Moreover, it is down by a staggering 88% from its all-time high of $3.1, which it achieved during the 2021 bull run. In contrast, Bitcoin managed to surpass its previous all-time high in March.
Adding to the struggles, Cardano has recently dropped out of the top 10 cryptocurrencies by market capitalization, relinquishing its tenth position to Tron (TRX). This decline has sparked concerns among investors, triggering discussions on whether Cardano can reclaim previous peak.
Raoul Pal Criticizes ADA
Commenting on Cardano’s underperformance, Raoul Pal suggested that investors still holding onto older cryptocurrencies, such as Cardano and XRP, might be stuck in a mentality that could cost them potential gains in the ongoing bull market.
Pal’s viewpoint is that these assets, which once had significant hype and still boast strong communities, may no longer be the best bets for investors seeking to capitalize on current market trends.
Cardano Founder Responds
Hoskinson, known for not avoiding interactions with critics, responded with a pointed and sarcastic remark, humorously questioning when he and Ripple CEO Brad Garlinghouse would be attending the so-called “Secret Cult” meetings, noting that he hadn’t received any notification from Pal.
So @bgarlinghouse, when are we going to the Secret Cult meetings? I never got the memo from Raoul https://t.co/Q9NBEoBcfs
— Charles Hoskinson (@IOHK_Charles) August 21, 2024
It bears mentioning that Hoskinson’s relationship with the XRP community has historically been contentious. He has frequently been at loggerheads with XRP supporters, particularly following his controversial comments around “ETHGate,” a term used to describe alleged favoritism shown by the SEC towards Ethereum.
However, Pal’s recent remarks seem to have inadvertently brought the two communities closer together, at least for now. Several pro-XRP industry leaders have also disagreed with Pal. Notably, Dizer Capital founder Yasin Mobarak argued that while holding XRP can be painful, investors would not want to miss out on its next run.