Cardano Faced Scrutiny Because it is Not VC-Backed: Charles Hoskinson

Cardano’s CEO and co-founder, Charles Hoskinson recently sat for a virtual interview with crypto influencer Dan Gambardello wherein they spoke about why Cardano (ADA) is facing such scrutiny from the media.

Hoskinson attributed the scrutiny to the fact that ADA is not backed by venture capitalists, and that European and American VCs missed the opportunity to get in on ADA at the ground level.

Furthermore, Hoskinson added that VCs control the media outlets, and since they missed out on the opportunity to get in on ADA at the early stages, they are constantly attempting to bring down the project.

In related news, the price of ADA is at $0.4934 at the time of writing, after it dropped 1.06% over the past 24 hours, as per crypto market tracking website, CoinMarketCap. ADA’s price is still falling as it has dropped 0.22% within the last hour. Fortunately for bulls, ADA’s price is performing well on the weekly chart, as its price has risen 13.49% over the past 7 days.

ADA’s price movement has taken Cardano’s total market cap to an estimated $16,653 billion – ranking it at number 8 on CoinMarketCap’s list of the biggest cryptos by market cap. Compared to the two crypto market leaders, bitcoin (BTC) and ethereum (ETH), ADA’s price has strengthened against BTC by a slim 0.05% margin and has weakened against ETH by approximately 0.38%. ADA’s daily trading volume has cooled off as the weekend begins. The daily trading volume currently stands at $791,147,785, which is a 2.61% fall over the last 24 hours.