Former Goldman Sachs analyst, Murad Mahmudov has unexpectedly criticized two outstanding cryptocurrencies, Cardano (ADA) and XRP. The analyst has labeled each altcoins as cult meme cash, sparking heated debate throughout the crypto group.
Analyst Claims XRP And Cardano Are Cult Meme Cash
In an X (previously Twitter) submit on June 4, Mahmudov declared that XRP and Cardano had been cult meme cash, implying that they haven’t any intrinsic worth and their worth was pushed extra by group hype. The criticism got here as a shock to Cardano group members who rebuffed the analyst’s controversial claims.
“That is the cycle when individuals are lastly realizing that XRP and ADA had been nothing aside from Cult Meme Cash all alongside,” Mahmudov said.
As a meme coin analyst and dealer, Mahmudov has regularly praised meme cash within the cryptocurrency house, declaring that they had been the “reincarnation of the nice Preliminary Coin Providing (ICO) wave of 2017” and stating that “meme-based cryptocurrencies had been making the crypto market nice once more.”
The analyst has acquired extreme backlash from the Cardano group, with numerous members lauding Cardano’s ongoing developments and its standing because the tenth largest cryptocurrency by market capitalization. Responding to Mahmudov’s controversial assertion, a Cardano whale dismissed his remarks, claiming they lacked credibility.
One other group member questioned the analyst’s claims that Cardano was a meme coin, stating that Cardano was probably the most decentralized cryptocurrency with an MAV of over 50 and a 6.5-year historical past of zero downtime, zero hacks and 0 failed transactions.
Cardano And XRP UnderPerform In Crypto Market
The analyst’s description of Cardano and XRP might be attributed to the cryptocurrency’s low worth and lack of momentum these days. Each Cardano and XRP are buying and selling under the $1 worth mark regardless of reaching all-time highs of $3.10 and $3.84 in 2021 and 2018, respectively.
Particularly, Cardano has been on a significant downward development because the starting of the yr. Whereas different altcoins like Solana and Ethereum have witnessed main bull rallies to new highs, Cardano worth metrics preserve a sluggish momentum.
The cryptocurrency crashed by 26.56% over the previous month, fueled by traders’ waning demand for altcoins. Regardless of main tasks just like the Chang arduous fork set to happen quickly, Cardano has did not witness a rally in response to the developments. As of writing, the cryptocurrency is buying and selling at $0.33, reflecting a 13.59% decline within the final 24 hours, in response to CoinMarketCap.
Equally, XRP has skilled a main drop in its worth, breaking out of its earlier consolidation stage of $0.5 to commerce at $0.41. The cryptocurrency has plummeted by a staggering 22.13% over the previous month and continues to be experiencing extra declines.
Regardless of Cardano and XRP’s waning worth and sluggish efficiency, their respective communities stay sturdy and united, continually exhibiting help for the cryptocurrencies in hopes of a possible worth rebound. This unwavering dedication and help regardless of persistent declines could have prompted Mahmudov to criticize Cardano and XRP as cult meme cash.
Featured picture created with Dall.E, chart from Tradingview.com