In a recent episode of the Considering Crypto podcast, Charles Hoskinson, founding father of Cardano, addressed the swirling rumors a few potential partnership with tech mogul Elon Musk. Throughout the podcast, hosted by Tony Edwards, Hoskinson discussed various outreach efforts made to Musk’s corporations, including offers of free work to combat bot issues on the platform formerly often called Twitter, now X.
Hoskinson Denies Rumors Of A Partnership With Musk
Hoskinson detailed several attempts by his team to attach with Musk’s corporations, particularly X (formerly Twitter), where they proposed solutions to combat prevalent issues like fake accounts and bots. “We’ve reached out quite a few times to try to interact with various people at X, even offering to do free work with verified tweets or other things simply because it’s so bad without delay with bots and these other things, and it’s just all the time silent,” Hoskinson lamented.
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Despite these efforts, he confirmed that Musk has never discussed Cardano or any potential collaboration personally. “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 added.
The founder’s comments served to quash rumors that had suggested potential uses of Cardano’s technologies, just like the Midnight sidechain, in Musk’s high-profile corporations comparable to SpaceX or Tesla. The speculative excitement around such a high-caliber partnership had been some extent of dialogue amongst investors and enthusiasts, given Musk’s known interest in cryptocurrency and his impactful endorsements of Dogecoin.
Despite sharing mutual friends and skilled connections comparable to podcaster Lex Friedman, Hoskinson expressed confusion and a little bit of melancholy over the shortage of engagement from Musk. “We share mutual friendships so I don’t know why we haven’t been in a position to square that circle […] perhaps 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 foul person to work with or perhaps it’s just he desires to do his own thing,” Hoskinson speculated.
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Addressing Musk’s enigmatic persona and unpredictable business moves, Hoskinson noted, “He’s a magical guy. So it’s really like a sphinx hard to know his motivations and understand why he does what he does. Why does he have this bizarre fetish for Dogecoin? Is it that he owns 20% of the provision…don’t know with a man like that that’s the magic of Elon Musk.”
Cardano Bears Remain In Control
The ADA price saw a decrease of two.2% during the last 24 hours, a dip that coincides with a broader downtrend within the altcoin market. Trading volume for ADA decreased also significantly, falling 22% to $357 million over the identical period.
The ADA price has consistently traded below the 20-day Exponential Moving Average (EMA), which has acted as a key resistance level since mid-March. While there was a temporary period where ADA surpassed this threshold, it will definitely faced strong resistance on the 200-day EMA and was unable to sustain its upward momentum.
As such, the 20-day EMA, currently at $0.445, is a critical near-term resistance level. Surpassing this barrier could signal a possible shift in market sentiment, paving the best way for a rally towards the 200-day EMA at $0.494. A decisive break above this longer-term EMA could firmly establish a bullish trend for ADA.
ADA trades below the 20-day EMA, 1-day chart | Source: ADAUSD on TradingView.com
Featured image from YouTube, chart from TradingView.com