Cardano (ADA) is back on bullish footing after the recent controversy surrounding alleged founder misappropriation was officially addressed and dismissed. The clarification has restored investor confidence, sparking renewed interest in ADA’s upward potential.
With the uncertainty cleared, analysts focus on Cardano’s strong fundamentals and technical momentum. The coin has already begun to recover, and many believe this could catalyze a major rally. Here’s why ADA price might be gearing up for its next breakout.
Cardano shakes off controversy as Hoskinson’s denial reignites bullish ADA price momentum
After days of tension surrounding serious claims against its founder, Charles Hoskinson, Cardano has stepped back into bullish territory. The crypto community was stirred when NFT artist Masato Alexander accused Hoskinson of manipulating the network to move 318 million ADA, worth about $619 million, during the 2021 Allegra hard fork.
Source: CoinMarketCap
According to Alexander, the process involved quietly erasing unclaimed tokens from Cardano’s 2017 ICO and funneling the funds using a specific type of transaction called Move Instantaneous Rewards. He also raised concerns about the lack of transparency, noting that only $7 million was formally handed over to the governance body, Intersect, despite the enormous transaction size.
Alexander even likened the move to the infamous 2016 Ethereum DAO exploit, arguing that Cardano lacked a community oversight mechanism to prevent internal manipulation. The comparison triggered heated debates and temporarily shook ADA’s bullish sentiment.
Hoskinson, however, wasted no time shutting down the allegations. He dismissed the claims as harmful and unfounded, asserting that more than 99.8% of ADA from the 2017 token sale had already been redeemed. The remaining 18 to 24 million ADA tokens were eventually donated to Intersect, not misappropriated. He explained that the October 2021 transaction was an automated step to prevent old, unredeemed ADA from becoming permanently unusable.
To further reassure the community, Hoskinson confirmed that the Cardano Foundation would release a full treasury activity audit. With his statement clearing the air, market sentiment has begun to shift. Analysts now believe the resolution of this controversy could act as a springboard for renewed investor interest and price momentum. As Cardano regains its footing, this cleanup of confusion may be the catalyst needed to reignite a strong rally in the weeks ahead.
Why investors are taking notice of this PayFi altcoin
International payments play a critical role in global economic growth, yet the current system is riddled with delays, high fees, and limited access. That’s where Remittix enters the picture. Remittix eliminates hidden charges, foreign exchange complications, and outdated banking hurdles by offering a seamless crypto-to-fiat payment solution through its Pay API. The user journey is simple—connect a wallet, enter bank details and the amount, and the transaction moves swiftly across borders without the friction of traditional finance.
This solution benefits both individuals and businesses. Enterprises can either sign up directly on the Remittix platform or plug in via API integration, allowing them to accept crypto from customers and settle in fiat instantly.
Built on Ethereum’s secure blockchain infrastructure, Remittix is efficient, transparent, and designed with the end user in mind. Whether a freelancer is sending payments abroad or a merchant is accepting digital assets, Remittix makes it fast, easy, and reliable.
Conclusion
Finding the next high-potential cryptocurrency can feel like guesswork in a market defined by constant volatility, emotional swings, and complex macroeconomic shifts. But some analysts believe they’ve found a standout in Remittix. Launched at just $0.015 and now trading at $0.0781—with the next tier priced at $0.0811—RTX has already delivered early investors a 300% gain. And this may be just the beginning.
Discover the future of PayFi with Remittix by checking out their presale here:
Website: https://remittix.io/
Socials: https://linktr.ee/remittix
Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
