In the last episode of Thinking Crypto podcast, Charles Hoskinson, founder of Cardano, commented on circulating rumors about potential cooperation with technology tycoon Elon Musk. During the podcast, hosted by Tony Edwards, Hoskinson discussed various outreach efforts being made to Musk’s companies, including offers of unpaid work to combat bot problems on the platform formerly known as Twitter, now X.
Hoskinson denies rumors of a partnership with Musk
Hoskinson detailed several attempts by his team to engage with Musk’s companies, most notably X (formerly Twitter), where they proposed solutions to combat common problems such as phony accounts and bots. “We have reached out to various people at X many times, even offering to work with verified tweets or other things for free just because it’s so bad with bots and stuff these days and it’s always quiet,” Hoskinson lamented.
Despite these efforts, he confirmed that Musk has never personally discussed Cardano or any potential collaboration. “I even know Kimbal Musk and have spoken to him on several occasions […] This has never been the case [Elon] you mentioned Cardano or me or whatever,” he added.
The founder’s comments denied rumors suggesting potential applications of Cardano technologies, such as the Midnight sidechain, in Musk’s well-known companies, such as SpaceX and Tesla. Speculative excitement surrounding such a high-end partnership has been the subject of discussion among investors and enthusiasts, given Musk’s known interest in the cryptocurrency and his influential endorsement of Dogecoin.
Despite mutual friends and professional contacts such as podcaster Lex Friedman, Hoskinson expressed confusion and slight melancholy at Musk’s lack of commitment. “We have a mutual friendship, so I don’t know why we couldn’t square the circle […] maybe he has people in his circle of friends who don’t like me, so he has information that I’m not a good person to work with, or maybe he just wants to do his own thing,” Hoskinson speculates.
Referring to Musk’s enigmatic personality and unpredictable business moves, Hoskinson noted: “He’s a magical guy. So it’s really like a sphinx it’s challenging to understand his motivations and why he does what he does. Why does he have this weird fetish for Dogecoin? Is it the fact that he owns 20% of the supply… I don’t know, with a guy like that, that’s the magic of Elon Musk.”
Cardano bears still in control
ADA price has seen a decline of 2.2% in the last 24 hours, a decline that coincides with a broader downtrend in the altcoin market. ADA trading volume also declined significantly, falling 22% to $357 million over the same period.
ADA price remains consistently below the 20-day exponential moving average (EMA), which has been a key resistance level since mid-March. Although there was a brief period where ADA broke above this threshold, it ultimately encountered mighty resistance at the 200-day EMA and was unable to maintain its upward momentum.
As such, the 20-day EMA, currently at $0.445, represents a critical near-term resistance level. Breaking this barrier could signal a potential change in market sentiment, opening the way for gains towards the 200-day EMA at $0.494. A decisive break above this long-term EMA could definitely establish a bullish trend for ADA.
Featured image from YouTube, chart from TradingView.com
