Once rose to third in market value! ADA's rise raises doubts again, Galaxy Digital CEO: It's a mystery to me.

Cardano's ADA has surged over 70% since the beginning of August, even surpassing BNB to become the third-largest cryptocurrency by market capitalization. Due to Cardano's lack of smart contract functionality, this surge has left Galaxy Digital CEO puzzled, leading to a public spat with Cardano's founder.

Since June, there has been increased interaction between Galaxy Digital CEO Mike Novogratz and Cardano founder Charles Hoskinson.

ADA - The Strange Cult

Yahoo Finance writer Zack Guzmán revealed on 6/13 here that Novogratz stated in an interview:

The valuations of some projects really scare me, such as Cardano, it has shocked all the top developers I know, Cardano really creates a strange cult in some ways. These projects are like community tokens, inspired by Bitcoin, you can launch interesting internet currencies and connect with the community, it has nothing to do with the code, it's a community structure, a brand.

In response to this, Cardano founder Charles Hoskinson responded:

Let me translate what this billionaire said, what he means is he doesn't see ADA like other VC tokens, institutions, private placements that can enter through the back door at advantageous prices and manipulate the market, I don't understand why fair, transparent, community-driven cryptocurrencies are seen as a "cult", I'll remember that, Mike Mike Novogratz.

Controversy over Market Cap Rises Again

Recently, after ADA rose to the third spot in terms of market cap, Polynexus Capital partner Andrew Steinwold questioned:

Why is Cardano the third-largest cryptocurrency? What actual usable things have they built on-chain? Sincerely asking, I know very little about Cardano.

And Mike Novogratz also stirred the pot in the comments:

This is a mystery to me, I've talked to 20 of the top people I know in crypto, and none of them think Cardano is attractive to developers.

Cardano Community Strikes Back

Charles Hoskinson once again "translated" Mike Novogratz's words:

I've talked to 20 of the top bankers I know in the field, and none of them think cryptocurrencies are attractive.

Hoskinson continued to say that this kind of statement has been heard a lot, and he will review this tweet every year in the future.

Mike Novogratz's repeated attacks on Cardano have caused quite a bit of dissatisfaction within the community. In a previous report, Novogratz believed that the phenomenon of Dogecoin's surge is like the public flipping off the current financial system, which he finds quite displeasing.

The Cardano community believes that Novogratz describes Cardano as a cult, but praises Dogecoin as a medium to disrupt the financial system, those "top people" he claims to know must also have a high regard for Dogecoin.

Perhaps after experiencing the relentless criticism from the Cardano community, Novogratz recently showed some weakness stating:

I've learned one thing in the past 24 hours: Cardano has a group of enthusiastic fans. I don't hold any, and I believe there are better options such as LUNA, SOL, etc., investors don't need to grasp every trading opportunity, I have no ill will towards the ADA team either.