Cardano Founder Reiterates Long-Term Purpose Amid Sell-Off Panic

Cardano (ADA) has been experiencing struggling prices since it hit its all-time high above $3 back at the start of September. Since then, it has been on a downward trend and had fallen below $2 for the first time as October drew to a close. Despite some important announcements and strides on the part of the project, the token has not seen much recovery, leading to panic among its holders.

In light of this, founder Charles Hoskinson once again took to YouTube to address those whom he thinks are too overly concerned about price rather than the technology. This will not be the first time that the mathematician has had to address price concerns from the community.

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A week ago, Hoskison had also taken to his YouTube channel to address price speculations, mentioning that money was not the purpose of Cardano. Rather the benefit of the blockchain to humanity was the goal.

Hoskinson Calls For Calm

In his YouTube video, the Cardano founder asked the community to calm down when it comes to the price of the digital asset. There have no doubt been sell-offs happening in relation to the cryptocurrency but this is normal for any asset really. Investors will get to a point where they sell off some of their holdings to take gains. The founder asked people who were in a panic over this sell-off to “chill out”.

ADA low momentum continues | Source: ADAUSD on TradingView.com

The founder pointed to the notion of price discovery given the performance of coins like Dogecoin and Shiba Int which have no utility whatsoever, yet have seen tremendous growth. He calls for people to forego the notion of price discovery and instead focus on the impact of the project.

Mostly, Hoskinson pointed to newcomers who have mainly been the ones panicking when it comes to price. He explains that people like these are obsessed with price and “there seems to be an utter lack of perspective.”

Cardano Looking To The Future

For the older investors in the project, most had gotten into Cardano for the impact that they knew the blockchain could have and Hoskison has echoed that sentiment. Instead of looking at price, the founder prompted the community to look towards the future, towards what Cardano could mean for the world someday.

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For Hoskinson, Cardano goes beyond making money through investing in the token. He sees the project being an important part of the backend of nation-states and payment solutions going forward.

“If you look at a five-year, a 10-year, a 15-year, a 20-year package, we really feel that there’s a strong possibility Cardano could be the backend of many nation-states,” said Hoskinson.

Also, the founder explained that there is no way to accurately predict what Cardano would be worth once it reaches its full potential. However, Hoskinson sees Cardano as being “the biggest preserver of human rights the world has seen.”

Featured image from Binance Academy, chart from TradingView.com