Alex Svanevik, founder and CEO of blockchain analytics platform Nansen, recently took to Twitter with a pointed jab aimed at Cardano’s native cryptocurrency. He tweeted the following: «Cardano bros never thanked me for this.»
The “this” Svanevik was referring to was a prediction that he had made back in March, stating «Last chance to sell ADA above $30B market cap.»
It seems Svanevik has been proven correct, as ADA has seen an awful year price performance-wise. The cryptocurrency is down an astounding 91.67% from its all-time high. Moreover, it is down 81% on a year-to-date basis — more than even meme coin Shiba Inu (77%).
Although ADA saw an initial short-term boost in the run-up to the Vasil hard fork back in September, it has so far failed to gain any traction since then. Despite its terrible performance, ADA remains among the top 10 biggest cryptocurrencies by market cap with a valuation of roughly $9 billion.
Svanevik’s foresight might have saved some investors from massive losses this year, but there doesn’t seem to be much cause for optimism for those still holding onto their ADA coins heading into 2023. With the industry still reeling from the FTX collapse and the U.S. Federal Reserve not backing away from its hawkish monetary policy, market sentiment remains extremely bearish.
As reported by U.Today, cryptocurrency veteran Bobby Lee predicted that another crypto bull market cycle wouldn’t start until 2025.
Svanevik’s jab against ADA is not surprising since he is a supporter of Ethereum, a major Cardano competitor. The Ether cryptocurrency is down 75.14% from its all-time high.