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Hoskinson says crypto communities have a long-term mindset.
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.
In 6-months, global #cryptocurrency social contributors decreased by -0.71%.
This may indicate little to no growth in #cryptomarket participants, or people just left/are staying quiet.
When will we see NEW people come to #Crypto❓
👉 Insights: https://t.co/SSfY6M4wzG pic.twitter.com/5SFwKUxWlW
— LunarCrush (@LunarCrush) September 9, 2022
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.
This is actually an outstanding statistic. When you see a massive downturn in a marketplace, you'd typically see a double-digit decline in engagement and contribution. The fact that it holds stable means that the crypto communities overall are loyal and have a long-term mindset https://t.co/1pazk72S7G
— Charles Hoskinson (@IOHK_Charles) September 9, 2022
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.