Charles Hoskinson Praises Cardano’s Growth Amid Bullish Prospects For ADA

Charles Hoskinson, the founder of Cardano (ADA), has praised the growth of the network, even as ADA enthusiasts brace for a potential bullish move for price.

Speaking on Wednesday, Hoskinson highlighted a report by Messari, a blockchain analytics firm, which showed that Cardano’s total value locked (TVL) increased by 160% quarter on quarter in 2023, and its ranking moved up to 11th place from 34th place.

Hoskinson emphasized the significance of these figures, stating that they reflect the increasing adoption and use of the Cardano network. He also pointed out that the stablecoin value increased by 37% year-on-year, and the ADA price increased by 127% quarter on quarter, outpacing the overall crypto market by 53%.

Notably, the Masari report emphasized the significant progress being made by developers in the Cardano ecosystem, particularly with regard to “Midnight”, Cardano’s data protection focus partner chain. According to Hoskinson, these developments and other core infrastructures, such as Sonor, Hydra, and Milkomeda, were critical for the network’s growth and interoperability with other blockchain networks.

Hoskinson also highlighted the increasing number of average daily transactions, active addresses, and the network’s strength. He pointed out that the network continues to grow and get more saturated, which is a positive sign for the network’s long-term prospects.

Furthermore, Hoskinson mentioned the Cardano treasury balance, which currently holds 1.43 billion Ada, equivalent to $6.861 million, ready to be deployed for the growth of Cardano. He called it a “sovereign wealth fund for the ecosystem.”

“So, the long and short of it is that Cardano is growing strong, and things are looking good.” Stated Hoskinson, adding, “I want to thank Messari for writing a decent report, and we look forward to future reports.”

That said, Hoskinson concluded the broadcast by expressing his pride in the Cardano community and the enormous effort they have put in to build the network. He emphasized that the network is growing rapidly and is on track to become a vibrant ecosystem in the coming years.

“We’re growing and growing and growing and growing. So, three years, five years, ten years, at that rate of growth, you can see how vibrant of an ecosystem Cardano is going to be,” he stated.

Charles Hoskinson’s praise for Cardano’s growth comes at a time when ADA shows signs of a potential bullish move. Notably, ADA has been demonstrating strength the past three weeks, with a series of higher highs and higher lows after bouncing off the $0.45 support, indicating a potential uptrend.

Furthermore, the moving averages (MA) also provide a bullish outlook for ADA. The 100-day MA has recently crossed above the 200-day MA, often seen as a bullish signal known as a “golden cross.”

ADA was trading at $0.60 at press time, reflecting a 4.81% increase in the past 24 hours.