- In a recent episode of the Thinking Crypto podcast, Charles Hoskinson, founder of Cardano, addressed the persistent rumors about a potential partnership with tech entrepreneur Elon Musk.
- During the discussion, hosted by Tony Edwards, Hoskinson delved into various attempts made by his team to connect with Musk’s companies.
- He offered insights into the outreach efforts, including offers of free work to tackle bot issues on Musk’s social media platform X, formerly known as Twitter.
Charles Hoskinson debunks rumors of a potential partnership with Elon Musk on the latest Thinking Crypto podcast, highlighting his team’s outreach efforts and ongoing challenges with fake accounts and bots on X.
Hoskinson Denies Rumors Of A Partnership With Musk
Charles Hoskinson provided an in-depth account of his team’s multiple attempts to forge connections with Elon Musk’s enterprises, especially X (formerly Twitter). Hoskinson explained, “We’ve made various attempts to engage with key individuals at X, even offering to provide free work on initiatives like verified tweets to address the severe issue of bots and fake accounts, but we’ve heard nothing back.” This emphasizes the extent of the outreach and the nature of the proposed collaboration.
Furthermore, Hoskinson confirmed that Musk has never initiated discussions regarding Cardano or any potential inventions. “Despite having conversed with Kimbal Musk on numerous occasions, Elon has never mentioned Cardano or any collaborative possibilities,” Hoskinson noted, reinforcing his point.
Hoskinson’s comments served to clarify the speculative discussions that had suggested potential applications of Cardano’s technologies, such as the Midnight sidechain, in Musk’s influential enterprises like SpaceX or Tesla. The possibility of such a high-profile partnership had generated considerable interest among investors and crypto enthusiasts, particularly given Musk’s known penchant for cryptocurrencies and his impactful endorsements, especially of Dogecoin.
Despite having mutual contacts like podcaster Lex Fridman, Hoskinson expressed his confusion and disappointment over the lack of engagement from Musk. “We share mutual friendships, so it puzzles me why we haven’t been able to connect. Perhaps someone in his circle has given him negative feedback about me, or maybe he simply prefers to chart his own course,” Hoskinson speculated.
Addressing Musk’s distinctive persona and unpredictable business strategies, Hoskinson remarked, “Elon is an enigmatic figure, making it difficult to decipher his motivations and actions. Why does he have such a strong preference for Dogecoin? Whether he holds a significant share is something unknown. That’s the allure and mystery surrounding Elon Musk.”
Cardano Bears Remain In Control
Over the past 24 hours, Cardano’s ADA token experienced a 2.2% decline, mirroring a broader downtrend in the altcoin market. The trading volume for ADA also suffered, plunging by 22% to $357 million during the same timeframe.
ADA has struggled to break above the 20-day Exponential Moving Average (EMA), a critical resistance level since mid-March. Although ADA briefly crossed this threshold, it encountered substantial resistance at the 200-day EMA, failing to maintain its upward trajectory.
Currently, the 20-day EMA stands at $0.445, serving as a pivotal short-term resistance level. Breaking past this barrier could indicate a shift in market sentiment, potentially spurring a rally towards the 200-day EMA at $0.494. Successfully surpassing this longer-term EMA might signal the establishment of a bullish trend for ADA.
Conclusion
Charles Hoskinson’s latest remarks clarify the speculations surrounding a possible partnership with Elon Musk, highlighting the extensive yet unreciprocated outreach efforts. Despite the recent downturn in ADA’s price, understanding these market dynamics and ongoing interactions provides valuable context for investors. While the immediate future remains uncertain, breaking key resistance levels could mark a significant bullish shift for ADA in the market.
