In a recent episode of the Thinking Crypto podcast, Charles Hoskinson, founder of Cardano, addressed the swirling rumors about a potential partnership with tech mogul Elon Musk. During the podcast, hosted by Tony Edwards, Hoskinson discussed various outreach efforts made to Muskโs companies, including offers of free work to combat bot issues 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 connect with Muskโs companies, particularly X (formerly Twitter), where they proposed solutions to combat prevalent issues like fake accounts and bots. โWeโve reached out numerous times to try to engage with various people at X, even offering to do free work with verified tweets or other things just because itโs so bad right now with bots and these other things, and itโs just always silent,โ Hoskinson lamented.
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Despite these efforts, he confirmed that Musk has never discussed Cardano or any potential collaboration personally. โI even know Kimbal Musk and Iโve talked to him on several occasions [โฆ] never once has [Elon] mentioned Cardano or me or anything,โ he added.
The founderโs comments served to quash rumors that had suggested potential uses of Cardanoโs technologies, like the Midnight sidechain, in Muskโs high-profile companies such as SpaceX or Tesla. The speculative excitement around such a high-caliber partnership had been a point of discussion among investors and enthusiasts, given Muskโs known interest in cryptocurrency and his impactful endorsements of Dogecoin.
Despite sharing mutual friends and professional connections such as podcaster Lex Friedman, Hoskinson expressed confusion and a bit of melancholy over the lack of engagement from Musk. โWe share mutual friendships so I donโt know why we havenโt been able to square that circle [โฆ] maybe heโs got some people in his social circle that donโt like me and so heโs got some intel that Iโm a bad person to work with or maybe itโs just he wants to do his own thing,โ Hoskinson speculated.
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Addressing Muskโs enigmatic persona and unpredictable business moves, Hoskinson noted, โHeโs a magical guy. So itโs really like a sphinx hard to understand his motivations and understand why he does what he does. Why does he have this bizarre fetish for Dogecoin? Is it that he owns 20% of the supplyโฆdonโt know with a guy like that thatโs the magic of Elon Musk.โ
Cardano Bears Remain In Control
The ADA price saw a decrease of 2.2% over the last 24 hours, a dip that coincides with a broader downtrend in the altcoin market. Trading volume for ADA decreased also significantly, falling 22% to $357 million over the same period.
The ADA price has consistently traded below the 20-day Exponential Moving Average (EMA), which has acted as a key resistance level since mid-March. While there was a brief period where 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. Surpassing 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 longer-term EMA could firmly establish a bullish trend for ADA.
Featured image from YouTube, chart from TradingView.com
