On a recent episode of Thinking Crypto Podcast, Charles Hoskinson, founder of Cardano, addressed rumors about a potential partnership with tech mogul Elon Musk. During the podcast, hosted by Tony Edwards, Hoskinson discussed various outreach efforts with Musk's companies, including offers of pro bono work to combat bot issues on the platform formerly known as Twitter, and now X.
Hoskinson denies rumors of a partnership with Musk
Hoskinson detailed several attempts his team made to reach out to Musk's companies, particularly X (formerly Twitter), where they proposed solutions to combat prevalent problems like fake accounts and bots. “We have reached out several times to try to engage with various people at
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Despite these efforts, he emphasized that Musk never discussed Cardano or any potential collaboration in person. He added: “I even know Kimbal Musk and spoke to him on several occasions (…) and (Elon) did not mention Cardano, me, or anything even once.”
The founder's comments debunked rumors that suggested potential uses of Cardano's technologies, such as the Midnight Sidechain, in Musk's high-profile companies like SpaceX or Tesla. The speculative excitement around such a high-profile partnership has been a point of discussion among investors and enthusiasts, given Musk's well-known interest in cryptocurrencies and his influential endorsement of Dogecoin.
Despite sharing mutual friends and professional connections like podcast host Lex Friedman, Hoskinson expressed confusion and a little gloom over Musk's lack of involvement. “We share mutual friendships, so I don't know why we couldn't solve that circle (…) Maybe he has some people in his social circle who don't like me, so he has some information that I'm a bad person to work with or maybe he just wants to do something special “It does,” Hoskinson speculated.
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Speaking about Musk's enigmatic personality and unpredictable business moves, Hoskinson noted, “He's a fascinating man. So, it's like a sphinx, where it's hard to understand his motivations and understand why he does what he does. Why does he have this strange fascination with… Dogecoin? 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 are still in control
The price of ADA saw a 2.2% decline over the past 24 hours, a decline that coincides with a broader downtrend in the altcoin market. ADA's trading volume also declined significantly, falling by 22% to $357 million over the same period.
ADA price is consistently trading below the 20-day Exponential Moving Average (EMA), which has served as a key resistance level since mid-March. Although there was a brief period when ADA crossed this threshold, it eventually encountered strong resistance at the 200-day moving average and was unable to maintain its bullish momentum.
As such, the 20-day EMA, which currently sits at $0.445, is a crucial near-term resistance level. Crossing this barrier could signal a potential shift in market sentiment, paving the way for a rise towards the 200-day EMA at $0.494. A decisive break above this longer-term moving average could establish an uptrend for ADA.
Featured image from YouTube, chart from TradingView.com
