In the crypto industry, views on tokens are diverse and varied. While some adore the efficiency of certain projects like that of Cardano (which has just undergone a major update), others believe that they do not deserve any recognition. This is the case of Leigh Drogen, general partner and chief information officer at Starkiller Capital, an asset manager in the field of digital assets. The analyst was also not kind to Ripple’s XRP. Decryption.
Harsh criticisms of the Cardano and XRP ecosystems
The analyst Leigh Drogen of Starkiller Capital has, in a series of tweets, criticized two of the ten largest cryptos by market capitalization. According to him, Cardano’s ADA and Ripple’s XRP are totally useless and overvalued cryptos. For him, it is difficult to understand that cryptos which have no added value like these, can have so much importance on the market.
He predicts that over the next market cycle, their market caps will go into the hands of other functioning crypto ecosystems that really matter. “There is still $20 billion and $14 billion of completely useless market capitalization linked to XRP and ADA respectively (…) In the next cycle, these capitalizations will shift to ecosystems that really work and that matter”he wrote.
Note that it is Cardano, which has a capitalization of 14 billion dollars.
Leigh Drogen’s point of view joins those of financial journalist Max Keiser and trader Peter Brandt. The first declared in March 2021, that the ADA is a “central trash can”. As for the second, he claimed last July that XRP is a “dump”. Moreover, Craig Wright, the self-proclaimed founder of BTC, said that XRP is the “most useless pump and dump system in the entire crypto industry”.
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