In a recent episode of the Think Crypto podcast, Charles Hoskinson, the founder of Cardano, spoke about the swirling rumors about a possible relationship with tech mogul Elon Musk. During the podcast, hosted by Tony Edwards, Hoskinson discussed various efforts to reach out to Musk’s companies, including an offer to work for free to combat bot problems at what used to be Twitter, now X.
Hoskinson Denies Musk Rumors
Hoskinson described several efforts by his team to communicate with Musk’s companies, especially iX (formerly Twitter), where they proposed solutions to combat the most common problems such as fake accounts and bots. “We’ve reached out many times to try to engage with various people at X, even offering to do free work with verified tweets or other things because it’s so bad right now with bots and these other things, and it’s always quiet,” Hoskinson lamented.
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Despite these efforts, he confirmed that Musk has never discussed Cardano or any possible cooperation in person. “I even know Kimbal Musk and have spoken to him many times […] never once [Elon] He talked about Cardano or me or anything,” he added.
The founder’s comments served to dispel rumors that suggested the possible use of Cardano technology, such as the Midnight sidechain, in Musk’s top companies such as SpaceX or Tesla. Hypothetical excitement about such a high-profile relationship has been a talking point among investors and enthusiasts, given Musk’s known interest in cryptocurrency and his influential endorsement of Dogecoin.
Despite sharing close friends and professional connections such as podcast producer Lex Friedman, Hoskinson expressed confusion and a bit of disappointment at Musk’s lack of engagement. “We share a friendship so I don’t know why we can’t cross that circle […] maybe he has people who don’t like me on social media and therefore he has the idea that I’m a bad person to work with or maybe he wants to do his own thing,” Hoskinson guessed.
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Speaking about Musk’s enigmatic persona and unexpected business moves, Hoskinson commented, “He is a magical man. So it is like a sphinx hard to understand his motivations and understand why he does what he does. Why does he have this strange temptation of Dogecoin? Does he own 20% of the stock …
Cardano Bears Remain in Control
The price of ADA is down 2.2% in the last 24 hours, a dip that is in line with the broader decline of the altcoin market. ADA’s trading volume also declined significantly, falling 22% to $357 million during the same period.
ADA price has been 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 in which ADA crossed this threshold, it eventually faced strong resistance at the 200-day EMA and was unable to continue its upward momentum.
As such, the 20-day EMA, currently at $0.445, is a critical near-term resistance level. Crossing this barrier could signal a potential change in market sentiment, paving the way for a rally towards the 200-day EMA at $0.494. A decisive break above this long-term EMA would firmly establish an ADA trend.
Featured image from YouTube, chart from TradingView.com
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