In a recent episode of the Thinking Crypto podcast, Charles Hoskinson, founder of Cardano, revealed details about the ongoing rumors concerning a potential partnership with tech mogul Elon Musk. Hoskinson discussed the various outreach efforts made by his team to Musk’s companies, including offers of free work to address bot issues on the platform formerly known as Twitter, now X. Despite multiple attempts to engage with Musk’s companies, particularly X, where they proposed solutions for issues like fake accounts and bots, Hoskinson expressed disappointment over the lack of response. He mentioned reaching out to various individuals at X, offering to do free work with verified tweets, but to no avail.
Despite their efforts, Hoskinson confirmed that Musk has never personally discussed Cardano or any potential collaboration. Even with mutual connections like Kimbal Musk and podcaster Lex Friedman, there has been no mention of Cardano or any interest in exploring a partnership. This lack of engagement from Musk has led to speculation and confusion among investors and enthusiasts who were hopeful about the potential uses of Cardano’s technologies in Musk’s high-profile companies like SpaceX or Tesla.
The ADA price experienced a decline of 2.2% over the last 24 hours, reflecting a broader downtrend in the altcoin market. The trading volume for ADA also saw a significant decrease, falling 22% to $357 million during the same period. The ADA price has consistently traded below the 20-day Exponential Moving Average (EMA), which has served as a key resistance level since mid-March. While there was a brief moment where ADA surpassed this threshold, it faced strong resistance at the 200-day EMA and struggled to maintain its upward momentum. Currently, the 20-day EMA at $0.445 is a critical near-term resistance level for ADA. A breakthrough at this level could indicate a shift in market sentiment and potentially pave the way for a rally towards the 200-day EMA at $0.494. A decisive break above this longer-term EMA could establish a bullish trend for ADA in the market.
Speculation and Uncertainty Surrounding Elon Musk
Addressing Musk’s enigmatic personality and unpredictable business decisions, Hoskinson described him as a “magical guy” whose motivations are difficult to discern. He expressed puzzlement over Musk’s fascination with Dogecoin and speculated on the reasons behind it, whether it be his significant ownership of the supply or other factors. Despite sharing common friends and professional connections, Hoskinson noted the lack of engagement from Musk and suggested that there may be individuals in Musk’s social circle who have influenced his perception of working with him. This uncertainty adds to the intrigue surrounding Elon Musk’s business moves and his involvement in the cryptocurrency space.
The potential partnership rumors between Cardano and Elon Musk have been addressed by Charles Hoskinson, shedding light on the ongoing efforts to establish a collaboration and the lack of personal discussions about Cardano. The fluctuations in the ADA price and market trends reflect the overall uncertainty in the altcoin market, with key resistance levels determining the short-term and long-term outlook for ADA. Despite the speculation and anticipation surrounding a possible partnership, the reality remains that Elon Musk has not shown any interest or engagement with Cardano, leaving investors and enthusiasts waiting for further developments in this space.
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