90% losses. Cardano's track record is brutal. ADA is trading today around $0.27, far from its historic record of $3.10 reached in September 2021. However, its founder Charles Hoskinson refuses to capitulate. He promises a strong comeback. The crypto markets are still waiting to be convinced.
In brief
- Charles Hoskinson says Cardano is “fighting for everything” despite five years of underperformance.
- ADA has lost over 90% since its ATH at $3.10 in September 2021.
- Whales have accumulated 819 million ADA in six months, now controlling almost 70% of the supply.
- Grayscale raised ADA's share in its Smart Contract Fund to 20.12%.
Hoskinson steps up to the front and defends Cardano
It was during a recent podcast that Charles Hoskinson spoke, in an offensive tone. Cardano founder rejected any idea of declineaffirming that his project “stays in the race and fights for everything”. A strong statement, at a time when skepticism around ADA is reaching its height.
Hoskinson is banking on several levers to reverse the trend. He cites in particular the upcoming protocol upgrades, strategic partnerships currently being finalized, and especially the imminent launch of the Midnight Network, a sidechain dedicated to data confidentiality. For him, these developments constitute the real drivers of a long-term recovery.
However, the founder's enthusiasm comes up against a brutal technical reality. Pseudonymous analyst Gnarleyquinn called the situation “post-midnight,” a thinly veiled nod to the future sidechain, pointing out that the ADA crypto has consistently failed to break through Fibonacci resistances during every rebound attempt since 2021. Each rally has stalled at lower and lower levels. The chart doesn't lie.
The whales accumulate in silence, the institutions follow
While the debate rages on the surface, quiet but significant activity is taking place behind the scenes. According to Santiment data published on February 24, addresses holding between 100,000 and 100 million ADA have accumulated an additional 819 million tokens over the last six months. At the current valuation, that's almost $214 million. These large portfolios now account for 70% of the circulating supply.
This behavior is not trivial. Whales tend to strengthen their positions during declines, anticipating a favorable entry point. By removing tokens from active circulation, they mechanically reduce the available supply, a factor that can amplify any recovery if demand stabilizes.
On the institutional side, Grayscale Investments also reinforced its conviction: the weighting of ADA in its Smart Contract Fund increased from 19.50% to 20.12%, making Cardano more than a fifth of the portfolio. A modest reallocation, certainly, but symbolically strong.
Cardano today embodies a contradiction: a technically ambitious project, led by a combative founder and patient investors, but whose thesis has not yet been validated by the crypto market. The launch of the Midnight Network and upcoming upgrades will be key. So far, the promise holds, but it still awaits proof.
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