Cardano's Founder Confirms That This Is A Bear Market

　　The crypto market has recently taken a beating, and Cardano has been one of the worst-affected digital assets. This has spread dread throughout the market, with investors mourning the fact that the crypto ecosystem is finally entering another bull market. Cardano founder Charles Hoskinson has addressed, or rather confirmed, these bear market fears.

　　Yes, there is a bear market

　　Hoskinson had commented on Twitter, evidently praising the foundations of the Cardano network. Cardano has held the title of the network with the most development, and as a result, has witnessed growth in a variety of areas.

　　In his tweet, the founder celebrated the fact that the network was becoming quicker and more decentralized, that it was still the most sophisticated technology, and, most importantly, that the community was growing from all aspects, and he topped it off with a cute GIF.

　　Despite all of the developments, there were many who came out to complain about the falling price of its own cryptocurrency, ADA. This was said by a user known as Matt Winfield in response to Hoskinson's tweet, who then took the time to explain why the price had dropped.

　　This is a bear market, according to the originator. As a result, the price of ADA is projected to fall along with the rest of the market. This will occur regardless of what the network does or what developments are implemented, according to Hoskinson.

　　“Yes, it‘s called a bear market. That’s what happens. Nothing changes it,” he told Winfield. “No announcement makes a difference. Cardano could cure cancer, give you a ten-inch dick, give you a personal poker-playing robot that also drives grandma to church on the weekends, and wed still fall.”

　　Essentially, the tweet validates his conviction that the market has entered a bear market. One that has seen the price of ADA fall to yearly lows.

　　Cardano continues to harm whales

　　Even though the price of the digital asset has fallen, it has not deterred those who believe in the network, particularly the whales. Cardano whales have always commanded a large portion of the circulating supply.

　　Cardano whales currently control 30.8 million ADA, which is worth more than $20.8 million. These top whales exclude exchange wallets, implying that these are individual investors who continue to pour money into the digital asset.

　　With the price of ADA currently around $0.6, it has turned into a buying opportunity for these whales, who have continued to fill their bags throughout the slump.

　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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