Bitrabo Editorial
In an unpredictable turn of events, prior Goldman Sachs analyst, Murad Mahmudov, has publicly criticized two well-known cryptocurrencies, Cardano (ADA) and XRP. He has branded both altcoins as cult meme coins, triggering intense discussions within the crypto community.
Analyst’s Assertion on XRP and Cardano Being Cult Meme Coins
In a recent post on X (previously Twitter) on June 4, Mahmudov stated that XRP and Cardano were cult meme coins, implying that their value is primarily influenced by community excitement rather than intrinsic qualities. This critique caught the Cardano community off guard, as they rebutted the analyst’s controversial remarks.
Describing himself as a meme coin analyst and trader, Mahmudov has consistently praised meme coins in the crypto realm, proclaiming them as the “revival of the remarkable Initial Coin Offering (ICO) wave of 2017” and asserting that “meme-based cryptocurrencies were revitalizing the crypto market.”
Following Mahmudov’s contentious statement, the Cardano community vehemently opposed him, highlighting Cardano’s continuous advancements and its ranking as the 10th largest cryptocurrency by market capitalization. Dismissing Mahmudov’s comments, a Cardano whale discredited his credibility, while another member defended Cardano’s decentralization and robust operational history.
Cardano And XRP’s Performance in the Crypto Market
The analyst’s portrayal of Cardano and XRP could be linked to the cryptocurrencies’ decreased value and recent lack of momentum. Both Cardano and XRP are trading below the $1 price threshold despite reaching peaks of $3.10 and $3.84 in 2021 and 2018, respectively.
Notably, Cardano has been on a significant downward trajectory since the start of the year, contrasting with other altcoins like Solana and Ethereum that have experienced substantial upswings to new highs. Despite impending projects like the Chang hard fork, Cardano has failed to generate an upward trend in response to these developments. Presently, the cryptocurrency is valued at $0.33, reflecting a 13.59% decrease in the last 24 hours based on CoinMarketCap data.
Similarly, XRP has encountered a notable decline in its value, dropping below its previous consolidation level of $0.5 to trade at $0.41. Over the last month, the cryptocurrency has witnessed a significant 22.13% decline and continues to face further downturns.
Despite the deteriorating performance of Cardano and XRP, their respective communities remain steadfast and supportive, exhibiting optimism for a potential price recovery. This unwavering dedication amidst ongoing declines possibly led Mahmudov to criticize Cardano and XRP as cult meme coins.