Contents
- Hereâs why no ADA can be burned
- SHIB army burns tokens regularly
Founder of Cardano and IOG, Charles Hoskinson has tweeted that unlike with other cryptocurrency projects, ADA burns are impossible to make.
He stated that “there is no magic reserve of ADA” which could be burned.
Here’s why no ADA can be burned
Charles Hoskinson has replied to a comment from a @PerAsperaVinco Twitter user, in which the latter reproached him of being ignorant when saying that destroying ADA would mean destroying Cardano fans’ property.
Hoskinson explained that other projects sometimes have a stash of premined coins controlled by founders. During periods of lower liquidity they manipulate their token’s price by burning large amounts of it. However, he stressed that Cardano does not control any amounts of ADA.
The astonishing power of ignorance is revealed when people cannot grasp that there is no magic reserve of Ada floating out there. All Ada is in the hands of owners, actual people, to burn it would require it be taken from them and destroyed https://t.co/kGzwFyg3nS
— Charles Hoskinson (@IOHK_Charles) August 31, 2022
All ADA tokens, according to him, belong to ADA holders and SPOs (Stake Pool Operators). They earn rewards in ADA, reminded Hoskinson, and taking away ADA from them to burn would be nothing but stealing their property.
Burning implies sending tokens to dead-end wallets and locking them there so that they cannot be spent or withdrawn.
Usually there is some large premine that the founders control and destroy to manipulate the price during periods of lower liquidity. Ada does not have this
— Charles Hoskinson (@IOHK_Charles) August 31, 2022
SHIB army burns tokens regularly
Unlike Cardano, the SHIB community conducts numerous burns of their meme token, some destroy Shiba Inu on a weekly basis, some do it from time to time. One burner has even started buying SHIB via an Amazon affiliate program and burning them afterwards.
According to data provided by Shibburn tracker, sometimes the amount of destroyed meme tokens can reach billions per a single week. The goal of these burns is to reduce the circulating supply of tokens in order to make them more scarce and attempt to push the price up.
FAQs
However, there's no ADA burning mechanism in place, so it's not really reasonable to expect the ADA supply to decrease significantly in the future.
Where is Charles Hoskinson now? ›
In late 2022, Hoskinson and his family assisted in creating the Hoskinson Health and Wellness Clinic in Gillette, a town in Campbell County, Wyoming.
What makes Cardano valuable? ›
Cardano offers a platform for building smart contracts (like digital agreements) and creating decentralised applications while claiming to be more secure and efficient than competitors.
Who is behind Cardano crypto? ›
Cardano (ADA) was founded by Charles Hoskinson – one of the co-founders of the Ethereum network. He is the CEO of IOHK, who is developing the Cardano project.
How high can Cardano realistically go? ›
Dan Gambardello, a Cardano enthusiast, predicts in this video that Cardano has a realistic chance of hitting $11 in this bull run—at some point in 2025. According to the Changelly Blog's ADA price prediction, the coin's price could reach highs of $1.48 in 2025, and highs of $9.71 by the end of 2030.
Does ADA Cardano have a future? ›
Cardano ADA Overview
According to our Cardano price prediction, ADA price is expected to have a -1.71% decrease and drop as low as by May 05, 2024. Our analysis of the technical indicators suggests that the current market feeling is Bearish Bearish 66%, with a Fear & Greed Index score of 48 (Neutral).
Did Charles Hoskinson leave Cardano? ›
Amid discussions on Twitter, Hoskinson reaffirmed his commitment to Cardano, responding to an inquiry from a community member who questioned whether he was leaving Cardano for another project, Midnight, or shifting to a multi-chain approach. Hoskinson's response was firm and direct: "The answer is no.
How high has Cardano gone? ›
This time, ADA reached a new all-time high of $3.10 in early September 2021.
How many people owns Cardano? ›
How many Cardano holders are there? According to CoinCarp, there were 3,535,705 ADA holders as of 26 August. The top 10 holders owned 6.72% of all Cardano's circulating supply, or 2.26 billion ADA tokens.
Is Cardano a dead project? ›
With 74% of Cardano ecosystem projects classified as dead, it's a concerning statistic. Moreover, the report highlighted that the average lifespan of a crypto project is around 2.21 years, with a significant percentage failing within the first six months or one year.
Cardano (ADA) Price Prediction - Industry Expert Opinion
Coinpedia platform predicts Cardano could reach $9.12 to $10.32 by 2030, and experts from Changelly forecast that it could reach minimum and maximum prices of $0.8 and $1 by the end of 2025.
How much Cardano should I own? ›
If you're wondering “how much Cardano should I buy to stake” know that it depends on how much you want to earn back annually. Staking Cardano currently comes with an annual percentage yield of around 4%. So if you want to earn 400 ADA coins annually, then you would need 10,000 ADA to stake.
How many ADA tokens are left? ›
ADA has a circulating supply of 35.33B coins and a max supply of 45.00B ADA.
Is Cardano backed by anything? ›
“Referred to by supporters as an 'Ethereum killer,' Cardano's ongoing development is supported by the Cardano Foundation and the IOHK research institute, which engage in [resources and development] and peer review via a formal development model,” said Henrik Gebbing, co-CEO and co-founder of Finoa, a digital asset ...
Who is selling Cardano? ›
You can buy Cardano on Kraken's crypto exchange. Create your free account and connect a funding method to buy over 200 cryptocurrencies including ADA. Kraken makes it quick and easy to get started.
Does Cardano have bright future? ›
In summary, the future of Cardano in the DeFi realm is not just bright; it's revolutionary. Cardano's blend of scalability, sustainability, community focus, security, and interoperability presents a comprehensive and forward-thinking approach to DeFi.
Could ADA hit $10? ›
Therefore, we came up with a target of $6, which demonstrates the subjective nature of this projection. In conclusion, ADA has the potential to reach a new all-time high, but the $10 target is arbitrary and unsubstantiated.
Will ADA ever bounce back? ›
As per the momentum indicator and a potential double bottom at $0.45, the ADA price could resurge. A bullish comeback could drive the altcoin to the $0.55 mark. Conversely, a downfall below $0.45 could plunge the altcoin price to $0.35.
Will Cardano ever take off? ›
Cardano (ADA) Price Prediction 2029
2029 is expected to be another bull run due to the aftermath of the BTC halving. However, traders speculate that the crypto market will gradually become stable by this year. In tandem with the stable market sentiment, Cardano (ADA) could be trading at $35 by the end of 2029.
