- Eric Wall, the chief information officer at Arcane Research, provoked Cardano supporters with a tweet.
- The analyst is not alone is his skeptical views on Cardano.
- The ADA token is still in consolidation, while some analysts see it reaching $4.0 in the upcoming sessions.
Yerevan (CoinChapter.com) – Cardano, an Ethereum-rival proof-of-stake blockchain, has climbed the ranks to become the third-largest cryptocurrency by market capitalization ($92 billion). However, the rapid development of the platform left some experts wondering, “what is all the fuss about?”.
Reputation at risk?
One of the skeptics was Eric Wall, the chief information officer at Arcane Research, who got a lot of heat from Cardano supporters after tweeting an excerpt from a book by Matthew Leising titled “Out of the Ether.”
The book, allegedly, tells the “true story” of a “$55-million heist that almost destroyed” Ethereum. It also described Charles Hoskinson, the founder of Cardano and the co-founder of Ethereum, in an unflattering light. Both the excerpt and the tweet attracted negative attention from the cryptocurrency’s proponents.
“He was described to me by the people he worked with at the time as a pathological liar, a psychopath, and as someone to not trust in the company of your girlfriend”reads the book.
The excerpt instantly proved to be controversial, as Mr. Wall got plenty of angry responses.
The Twitter feud continued as Mr. Wall tweeted his opinion on Cardano and its native token ADA. The analyst stated that it’s time for a “fair writeup.” He urged his followers to link sources that would shed light on the protocol’s advantages.
Not the only skeptic
The crypto analyst was not the only one wondering about the merits of Cardano’s rally. Michael Novogratz, the CEO of Galaxy Investment Partners, agrees to the opinion, as he demonstrated with a tweet reply on August 15. The response stated that “it’s a mystery to [him]” why Cardano is the 3rd largest crypto.
The feud didn’t stop there. The CEO confirmed his disbelief in the project and claimed that it had “no traction with devs.”
Mr. Hoskinson lost no time and replied to the CEO straight away, calling August 15 “Mike check-in day.” He vowed to come back to the tweet and prove Mr. Novogratz wrong every year.
While Eric Wall ‘burned at stake’ for his heretic views on Cardano, ADA could still break the $3.0 psychological resistance line. The digital asset consolidated at $2.81 before the New York session opening bell Monday. Cardano gained over 110 percent in the past month and registered an all-time high of $2.96 on August 23.
In detail, the company scheduled the upcoming smart contract functionality rollout on Cardano mainnet for September 12. The anticipation of the extended functionality, along with the recovery wave across the altcoin market, fuelled the ADA rally.
As of the moment, the digital asset is in a consolidation phase. But CryptoKaleo, another crypto analyst on the Twitterverse, sees big gains ahead for ADA. The analyst expects the digital asset to overcome the resistance in the upcoming sessions. Moreover, they put the price target at $4.0 by the time Cardano launches smart contracts.
While Cardano climbs up the ranks of the largest cryptocurrencies, some experts are still skeptical. Cardano community’s expectations are high as the smart contract launch approaches. However, time will tell if the blockchain company fulfills them or the skeptics get confirmation to their view.