Charles Hoskinson Dispels Rumors Of Collaborating With Elon Musk

In a recent segment of the Thinking Crypto podcast, Charles Hoskinson, the creator of Cardano (ADA), discussed ongoing rumors concerning a potential collaboration with tech magnate Elon Musk. On the podcast, hosted by Tony Edwards, Hoskinson talked about various attempts made by his team to connect with Musk, including proposals to assist in addressing bot-related issues on the platform previously known as Twitter, now referred to as X.

The Silent Treatment

Hoskinson refuted speculations about a partnership with Musk and shared his efforts to engage with Elon and his enterprises, particularly X, where they offered solutions to tackle prevalent problems such as fake accounts and bots. Hoskinson expressed disappointment at the lack of response despite multiple outreach attempts. He also mentioned his acquaintance with Kimbal Musk but clarified that Elon had never mentioned Cardano or discussed any potential collaboration personally.

Hoskinson mainly wanted to dispel rumors suggesting the use of Cardano and its technologies, like the Midnight sidechain, in prominent companies such as SpaceX or Tesla. Despite mutual connections like podcaster Lex Friedman, Hoskinson expressed bewilderment and some sadness over the absence of interaction by Elon, speculating on potential reasons for the lack of engagement. Charles commented on the challenge of understanding his motivations and actions.

ADA Does Not React Well

Regarding the price of ADA, there has been a 2.2% decrease in the last 24 hours, aligning with a broader downtrend in the altcoin market. Trading volume for ADA has also significantly decreased by 22% to $357 million during the same period.

The price has also consistently remained below the 20-day Exponential Moving Average (EMA), which has served as a crucial resistance level since mid-March. Although ADA briefly surpassed this threshold, it encountered strong resistance at the 200-day EMA, failing to sustain its upward momentum.