In a recent episode of Thinking Crypto podcast, Charles Hoskinson, founder of Cardano, addressed rumors about a potential partnership with technology mogul Elon Musk. During the podcast, hosted by Tony Edwards, Hoskinson discussed various outreach efforts made to Musk’s companies, including offers of free work to combat bot issues on the platform formerly known as Twitter, now X.
Hoskinson denies rumors of partnership with Musk
Hoskinson detailed several of his team’s attempts to connect with Musk’s companies, especially X (formerly Twitter), where they proposed solutions to combat problems such as fake accounts and bots. “We’ve reached out numerous times to try and interact with various people at
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Despite these efforts, he confirmed that Musk has never personally discussed Cardano or any possible collaboration. “I even know Kimbal Musk and have spoken to him on several occasions (…) he (Elon) never mentioned Cardano or me or anything like that,” he added.
The founder’s comments served to quash rumors that suggested potential uses of Cardano’s technologies, such as the Midnight sidechain, in Musk’s high-profile companies such as SpaceX or Tesla. The speculative excitement surrounding such a high-caliber partnership has been a point of discussion among investors and enthusiasts, given Musk’s known interest in cryptocurrency and his impactful support for Dogecoin.
Despite sharing mutual friends and professional connections like podcaster Lex Friedman, Hoskinson expressed confusion and a bit of melancholy at Musk’s lack of involvement. “We share mutual friendships, so I don’t know why we can’t square that circle (…) maybe he has some people in his social circle who don’t like me and so he has some information that I’m a bad person to work with or maybe it’s just him wanting to do his own thing,” Hoskinson speculated.
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Addressing Musk’s enigmatic personality and unpredictable business moves, Hoskinson noted: “He’s a magical guy. So it’s really difficult for a sphinx to understand its motivations and understand why it does what it does. Why is he so bizarre? Dogecoin fetish? Does he own 20% of the supply… I don’t know, with a guy like that, that’s the magic of Elon Musk.”
Cardano bears remain in control
ADA price has seen a 2.2% drop in the last 24 hours, a drop that coincides with a broader downtrend in the altcoin market. ADA trading volume also decreased significantly, dropping 22% to $357 million over the same period.
ADA price has consistently traded below the 20-day exponential moving average (EMA), which has acted as a key resistance level since mid-March. Although there was a brief period when ADA surpassed this threshold, it eventually faced strong resistance at 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. Breaking through this barrier could signal a potential shift in market sentiment, paving the way for a rally towards the 200-day EMA at $0.494. A decisive break above this long-term EMA could firmly establish an uptrend for ADA.
![Cardano falls as Hoskinson clarifies relationship with Elon Musk 1 Cardano Price](https://thegurumedia.com/wp-content/uploads/2024/06/ADAUSD_2024-06-14_08-46-45.png)
Featured image from YouTube, chart from TradingView.com