Leading cryptocurrency exchange BitMEX’s co-founder Arthur Hayes has once again caught the attention of the crypto world with a provocative statement. Hayes, from his personal X account, recently labeled Cardano (ADA), one of the top 10 altcoins, as “dog poop,” sparking a debate in the crypto community.
Hayes Questions Projects on the Cardano Network
Hayes attached a screenshot showing the dominance of decentralized applications (dApps) like Lido Finance (LDO) and Uniswap (UNI) in fee generation to his critical remarks about the Cardano network. Questioning why Cardano-based dApps were not on the list, Hayes addressed those who believe in ADA’s future, stating that there is no strong application on the network as claimed.
Hayes’ remarks, as expected, caught the attention of the Cardano community. Cardano Founder Charles Hoskinson responded to Hayes, asking various questions to clarify the issue. Despite the clash, Hoskinson was seen responding to Hayes’ criticisms with a polite demeanor.
Hayes’ latest tweet followed an interview where he expressed his dislike for Cardano, openly criticizing the project’s performance and calling it a “piece of poop,” while also questioning its recent price movement. Hayes had previously advocated for the adoption of Ethereum (ETH) and described Cardano as a project imitating Ethereum.
In line with Hayes’ views on ADA’s performance, the altcoin has experienced a significant drop from its all-time high of $3.10 in September 2021, losing 81% of its value.
Hayes’ Remarks Lead to ADA Price Drop
Despite showing sluggish performance in the cryptocurrency market, Cardano’s ADA has recently stood out with relatively good performance. ADA’s price has risen over 8% in the last seven days, despite extreme volatility and a significant pullback. Moreover, the popular altcoin has managed to show strength amid market fluctuations with a 15% increase over the last 30 days.
Nevertheless, Hayes’ negative sentiments towards Cardano have affected market sentiment for ADA, with the altcoin‘s price falling 4.06% to $0.5977 in the last 24 hours. Current data shows ADA’s market value at $21.21 billion, with a trading volume increase of 1.94% to $721.40 million in the last 24 hours.
