Why Dogecoin Doge Millionaire Remains Confident in Cardano (ADA) Ahead of the Chang Fork Upgrade
Release: 2024/08/11 19:54 Reading: 573
Dogecoin Millionaire Endorses Cardano Amidst Upcoming Hard Fork
Amidst the upcoming Chang hard fork, prominent Dogecoin millionaire Glauber Contessoto has expressed his support for Cardano (ADA).
Cardano's Recent Performance
Cardano has faced criticism lately, including a report from K33 Research urging holders to liquidate their assets. This year, ADA has performed poorly, with a 44% year-over-year decline, a 20% 90-day decline, and an 11% 30-day decline, currently trading at $0.34.
Dogecoin Millionaire's Support
Despite the criticisms, Contessoto, known as SlumDOGE Millionaire, reaffirmed his belief in ADA. This support came in response to a tweet from Cardano co-founder Charles Hoskinson announcing the upcoming hard fork.
Upcoming Hard Fork Features
The hard fork aims to transform Cardano into a fully decentralized blockchain, allowing holders to participate in network operations. An interim version of the Cardano constitution will be released in the first phase, while the second phase will focus on establishing a decentralized government through delegated representatives.
Contessoto's Long-Term Perspective
Contessoto's support for ADA is not surprising, as he has been a long-term advocate for the asset. In August 2023, he included ADA in his top five cryptocurrencies alongside Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE).
Criticisms of Cardano
Despite the optimism from some, others remain skeptical about ADA's potential. K33 Research labeled the asset as "completely useless" in a 2024 report. The report argues that projects with ambitious promises and upgrades often end up failing, citing NEO, IOTA, EOS, and ADA as examples.
Supporters' Rebuttal
Supporters of Cardano refute these criticisms by pointing to the network's average daily transaction count of around 90,000. However, K33 Research claims that this activity is not indicative of meaningful progress.
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