<p>In a recent episode of the Thinking Crypto <a href="https://youtu.be/wiCmZL3T86Y?si=ortsT86XMHpH6e_e" target="_blank" rel="noopener nofollow">podcast</a>, Charles Hoskinson, founder of Cardano, addressed the swirling rumors about a potential partnership with tech mogul Elon Musk. During the podcast, hosted by Tony Edwards, Hoskinson discussed various outreach efforts made to Musk’s companies, including offers of free work to combat bot issues on the platform formerly known as Twitter, now X.</p> 
<h2 id="hoskinson-denies-rumors-of-a-partnership-with-musk">Hoskinson Denies Rumors Of A Partnership With Musk</h2> 
<p>Hoskinson detailed several attempts by his team to connect with Musk’s companies, particularly X (formerly Twitter), where they proposed solutions to combat prevalent issues like <a href="https://www.newsbtc.com/news/ai-and-tech/crypto-market-leaders-call-for-twitter-to-ban-scam-bots/" target="_blank" rel="noopener ">fake accounts and bots</a>. “We’ve reached out numerous times to try to engage with various people at X, even offering to do free work with verified tweets or other things just because it’s so bad right now with bots and these other things, and it’s just always silent,” Hoskinson lamented.</p> 
<p>Despite these efforts, he confirmed that Musk has never discussed Cardano or any potential collaboration personally. “I even know Kimbal Musk and I’ve talked to him on several occasions […] never once has [Elon] mentioned Cardano or me or anything,” he added.</p> 
<p>The founder’s comments served to quash rumors that had suggested potential uses of Cardano’s technologies, like the Midnight sidechain, in Musk’s high-profile companies such as SpaceX or <a href="https://www.newsbtc.com/news/elon-musk-tesla-spacex-bitcoin/" target="_blank" rel="noopener ">Tesla</a>. The speculative excitement around such a high-caliber partnership had been a point of discussion among investors and enthusiasts, given Musk’s known interest in cryptocurrency and his impactful endorsements of Dogecoin.</p> 
<p>Despite sharing mutual friends and professional connections such as podcaster Lex Friedman, Hoskinson expressed confusion and a bit of melancholy over the lack of engagement from Musk. “We share mutual friendships so I don’t know why we haven’t been able to square that circle […] maybe he’s got some people in his social circle that don’t like me and so he’s got some intel that I’m a bad person to work with or maybe it’s just he wants to do his own thing,” Hoskinson speculated.</p> 
<p>Addressing Musk’s enigmatic persona and unpredictable business moves, Hoskinson noted, “He’s a magical guy. So it’s really like a sphinx hard to understand his motivations and understand why he does what he does. Why does he have this bizarre <a href="https://www.newsbtc.com/news/dogecoin/elon-musk-incorporates-dogecoin-symbol/" target="_blank" rel="noopener ">fetish for Dogecoin</a>? Is it that he owns 20% of the supply…don’t know with a guy like that that’s the magic of Elon Musk.”</p> 
<h2 id="cardano-bears-remain-in-control">Cardano Bears Remain In Control</h2> 
<p>The ADA price saw a decrease of 2.2% over the last 24 hours, a dip that coincides with a broader downtrend in the altcoin market. Trading volume for ADA decreased also significantly, falling 22% to $357 million over the same period.</p> 
<p>The ADA price has consistently traded below the 20-day Exponential Moving Average (EMA), which has acted as a key resistance level since mid-March. While there was a brief period where ADA surpassed this threshold, it eventually faced strong resistance at the 200-day EMA and was unable to sustain its upward momentum.</p> 
<p>As such, the 20-day EMA, currently at $0.445, is a critical near-term resistance level. Surpassing this barrier could signal a potential shift in market sentiment, paving the way for a rally towards the 200-day EMA at $0.494. A decisive break above this longer-term EMA could firmly establish a bullish trend for ADA.</p> 
<img loading="lazy" decoding="async" class="wp-image-624550 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/ADAUSD_2024-06-14_08-46-45.png?resize=3628%2C1675" alt="Cardano price" width="3628" height="1675" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/ADAUSD_2024-06-14_08-46-45.png?resize=3628%2C1675?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2024/06/ADAUSD_2024-06-14_08-46-45.png?resize=3628%2C1675?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/ADAUSD_2024-06-14_08-46-45.png?resize=3628%2C1675?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/ADAUSD_2024-06-14_08-46-45.png?resize=3628%2C1675?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/ADAUSD_2024-06-14_08-46-45.png?resize=3628%2C1675?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/ADAUSD_2024-06-14_08-46-45.png?resize=3628%2C1675?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/06/ADAUSD_2024-06-14_08-46-45.png?resize=3628%2C1675?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/ADAUSD_2024-06-14_08-46-45.png?resize=3628%2C1675?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/06/ADAUSD_2024-06-14_08-46-45.png?resize=3628%2C1675?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

Cardano Price Drops As Hoskinson Clarifies Relationship To Elon Musk

Table of Contents

NewsBTC

Other articles published on Jun 14, 2024

AI sparks privacy concerns as Apple and Microsoft face backlash over new features

Mining execs establish organization to influence US crypto voters

Analyst Forecasts Bright Future for XRP Amid Volatility

The Pepe Price Plunges 7% As Experts Say This P2E Doge Derivative Might Be The Best Meme Coin To ...

Rollblock (RBLK) Set to Surge: Solana (SOL) and Ethereum (ETH) Investors Eye 30x Returns

Ethereum Withdrawals From Coinbase Top $1.2 Billion, What’s Going On?

Join our free newsletter for daily crypto updates!