Cardano’s price dropped in response to recent Charles Hoskinson clarifications of any connection to Elon Musk. Hoskinson addressed persistent reports about a prospective partnership with the tech titan in an edition of the Thinking Crypto podcast run by Tony Edwards. He detailed several initiatives by his team to interact with Musk’s businesses, especially X (previously Twitter), providing answers to problems such bots and phony accounts.
“We’ve reached out numerous times to try to engage varied people at X, even offering to do free work with verified tweets or other things just because it’s so bad right now with bots and these other things, and it’s just always silent,” said Hoskinson.
Hoskinson’s Musk Partnership Denial
Hoskinson acknowledged despite these initiatives that Musk has never personally mentioned Cardano or any possible partnership. “I even know Kimbal Musk and I’ve talked to him on several occasions […] never once has [Elon] mentioned Cardano or me or anything,” he said.
Hoskinson’s comments sought to refute reports implying Cardano’s technologies—including the Midnight sidechain—could be included into Musk’s businesses, like SpaceX or Tesla. Musk’s recognized interest in cryptocurrencies and his impact on Dogecoin has generated speculative enthusiasm among investors and aficionados.
Hoskinson voiced confusion at Musk’s lack of involvement despite mutual acquaintances and business contacts including podcaster Lex Friedman. “We share mutual friendships so I’m not sure why we haven’t been able to square that circle […] maybe he’s got some people in his social circle that don’t like me and so he’s got some intel that I’m a bad person to work with or maybe it’s just he wants to do his own thing,” Hoskinson said.
Considering Musk’s erratic character, Hoskinson said, “He’s a magical man. Therefore, it’s rather like a sphinx trying to grasp his reasons and the basis of his actions. Why does he have such strange obsession for Dogecoin? Does he hold twenty percent of the supply?That’s the magic of Elon Musk, not knowing with a man like that.”
Cardano’s ADA token dropped 2.2% in the past 24 hours in line with more general declining patterns in the altcoin market. With a 22% decline as well, trading volume for ADA dropped to $357 million over the same length.
Since mid-March, ADA’s price has often stayed below the 20-day Exponential Moving Average (EMA), a vital resistance level. ADA failed to maintain upward momentum at the 200-day EMA after facing heavy opposition even though it momentarily exceeded this level.
At $0.445 right now, the 20-day EMA shows a necessary near-term resistance level. A breakout here would indicate a change in market mood, which would lead ADA toward the 200-day EMA at $0.494. A clear breach above this longer-term EMA could start ADA in a positive direction going ahead.
