Arthur Hayes, co-founder of the well-known cryptocurrency exchange BitMEX, stirred the crypto community by disparaging Cardano (ADA), a leading altcoin, as “dog poop” from his personal X account. This controversial label has ignited a widespread debate among crypto enthusiasts.
Questioning Cardano’s dApp Dominance
In a recent critical tweet, Hayes highlighted the absence of Cardano-based decentralized applications (dApps) in the top echelons of fee generation, a place dominated by dApps like Lido Finance (LDO) and Uniswap (UNI). He challenged those who champion ADA’s prospects, contending that the Cardano network lacks robust applications as often portrayed.
Cardano Founder Charles Hoskinson confronted Hayes’ remarks, seeking to clarify the issues raised. Despite potential discord, Hoskinson’s replies to the criticisms maintained a tone of civility.
Hayes has previously expressed his distaste for Cardano during an interview, slamming the project’s performance and questioning its price trend. He has favored Ethereum’s adoption in the past and dismissed Cardano as an imitator. Following this wave of criticism, ADA has seen an 81% plunge from its peak value in September 2021.
Cardano’s Market Response to Criticism
Despite a sluggish trend in the broader crypto market, Cardano’s token ADA recently displayed resilience, climbing over 8% in a week and 15% in the past 30 days. However, Hayes’ adverse comments have seemingly impacted ADA’s market sentiment, with its price dipping 4.06% to $0.5977. Currently, ADA’s market capitalization stands at $21.21 billion, with a modest increase in trading volume.