Rumours have begun circulating that Elon Musk may have visited the Wyoming ranch belonging to Cardano founder Charles Hoskinson. These claims, however, remain largely unsupported by substantial evidence.
Elon Musk, CEO of Tesla and chief of X, recently announced a live interview featuring GOP presidential candidate Donald Trump. The conversation is set to address various developments surrounding the upcoming elections and is scheduled for this Monday. Just before the session, Musk stated that the event would be hosted at a friend’s ranch in Wyoming, sharing a photo that showcased the rustic charm of the location, a cosy room adorned with wooden beams and a high ceiling, encapsulating a warm atmosphere.
Speculation Amplified
Quirkingly enough, the founder of Cardano, Charles Hoskinson, decided to engage in a response to Musk’s photo by appreciating the quality of the woodwork done and the choice of the owner. This remark quickly raised questions among followers, some of whom speculated as to whether the real estate mentioned was Hoskinson’s ranch.
Famous for his love for Kiwi wooden interiors, these similarities only served to fuel speculations of Musk’s attendance further at the identified locations. In addition to the gossiping, the episode also featured contributions from other users, such as Rick McCracken, a retired Senior Chief in the US Navy, who is also an active member of the Cardano community, and wondered what type of wood Hoskinson used for the interior of his ranch. This inquiry simply went on to escalate the increasing speculation. To this, Hoskinson responded that the wood was procured locally, much to the chagrin of many who already made several comments about the sticks.
Dan Gambardello, a prominent figure in the Cardano community known as Cardano Bull, weighed in on the chatter in a recent market broadcast. He suggested that Hoskinson’s initial comment seemed to imply a self-reference regarding his good taste in design. However, Gambardello noted that this interpretation wasn’t guaranteed and could be merely coincidental.
Evaluating the Facts
While some continue to speculate, Gambardello pointed out that earlier statements made by Hoskinson indicated he believed Musk might benefit from the session by addressing issues within X Spaces. This raises questions about the nature of their connection. However, Gambardello ultimately suggested that the idea of Musk being at Hoskinson’s ranch is improbable.
Further underscoring this possibility, Hoskinson has previously stated that he and Musk do not have a personal relationship. In June, when asked whether he had the chance to reach out to Musk, he implied he was reserving that opportunity for a more significant occasion. On the Thinking Crypto podcast, Hoskinson reiterated that he is not acquainted with Musk. Although attempts to collaborate between their teams have been made, these have gone unanswered. He noted that despite Cardano’s significance within the crypto space, Musk has never publicly acknowledged the platform, a situation Hoskinson speculates might be influenced by Musk’s advisors.
Cardano’s Long-Term Viability
Cardano (ADA) has achieved a significant milestone that is not purely price-related. The proportion of ADA held by long-term investors has reached an all-time high, representing nearly 40% of the total supply. Data from IntoTheBlock highlights that 72% of ADA holders are classified as “hodlers,” having maintained their investment for over a year. Another 25% fall into a mid-term category, while only 3% are considered short-term traders.
Such a sizable portion of long-term holders leaves no doubt that these investors believe in Cardano’s future returns. The latest analysis suggests that Cardano is settling approximately $7.2 billion on-chain transactions per day, which can easily surpass many other networks’ performance. This performance has led to a notably low NVT ratio of just 2.62, which could imply that ADA is undervalued— which is good news for those who seek for a bullish move later on.
Amid rising expectations for the anticipated Chang #1 hard fork—expected to introduce governance features to Cardano—stake pool operators have shown great progress, with 67% having upgraded to version 9.1.0. Many cryptocurrency exchanges are also confirming that they are well-prepared for these upcoming updates, signalling a bright future ahead for Cardano and its community amidst the ongoing market dynamics.
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