Arthur Hayes, the co-founder of BitMEX, recently ignited a heated debate within the cryptocurrency community by launching scathing criticism against Cardano (ADA), referring to it as a dog shit memecoin. This harsh assessment drew a swift response from Cardano founder Charles Hoskinson, sparking a back-and-forth exchange that has captured the attention of many within the crypto sphere.
ADA Price Action
Even though the price of Cardano is currently performing slowly, it has recently performed really nicely. Even though there has been a considerable decline and tremendous volatility over the past seven days, the price of ADA has increased by almost 8%. Also, in the last 30 days, the cryptocurrency has increased by 15%.
But Hayes decried Cardano and said it will reach “zero” in an interview with Coin Bureau. The price of ADA fell by 4.06% to $0.5977 as of this writing on Wednesday, February 21. The value of the cryptocurrency was $21.21 billion. In contrast, over the past day, the ADA trade volume increased by 1.94% to $721.40 million.
During the day, the Cardano price hit the bottom of $0.593, distancing further from the $0.60 mark. In addition, aligning with Hayes’ opinion on ADA’s poor performance, the crypto has lost 81% from its all-time high of $3.10 attained in September 2021.
