Take It Easy When Selloffs Occur, Advises Cardano Founder
Charles Hoskinson, Cardano founder, reiterated his advice to the crypto investors to trust the fundamentals and avoid short-term actions when faced with market downturns. He advised those panicking over selloffs to calm down and look at the bigger picture. They should avoid focusing only on price and look at the future goals. He gave the example of newcomers who do not focus on the future prospects of this industry. It is important to consider how cryptocurrency is going to improve in the future.
Irrational Price Moves
Explaining these points further, he advised crypto investors to look at the legacy problems of these systems. New technologies are improving the crypto industry and those problems will be removed. He cited the recent crypto moves by El Salvador and said more such actions should be expected in the coming months. It is not only the institutional investors but also retail investors who are investing in cryptocurrencies. There are millions of these investors from around the world. However, according to him, these retail crypto investors are also causing irrational price fluctuations in these digital assets.
Examples of Shiba Inu and Dogecoin
He cited the irrational price discovery examples of these cryptocurrencies that do not have real utility except in the social network circles. Some investors may justify the prices of these cryptocurrencies but it is time to think beyond the short-term gains and avoid continuing with the old thinking. The real fundamentals are going to make impressive impacts.
Cardano has been working on governance and scalability optimization projects. These plans will place it in a position where it can handle backend systems of nation-states. He sees use of these technologies in managing elections, billions of daily transactions, and property registrations