So total circulating coins for ADA right now is 25 billion. With that kind of large number of coins, I expect to see at least a few million coins being traded at once. For example, if you take a look at DOGE, they have 112 billion coins and you can see hundreds of millions (maybe in the billions too) range of coins being traded at once, at every buy and sell wall.
I mean right now for example as I type this, there is a buy wall for 136,673,325 Dogecoins at 56 sats. That's over 100 million in just one trade. Throughout just a day there's well over a billion dogecoins transacted at once.
With ADA, I literally just see a few thousand being bought and sold. I mean are there all the billions of coins just being hoarded or stashed or what? There's basically 1 million coins going around, and 24.99 billion being stashed away? What is going on?
Maybe they faked the ICO success and granted themselves the majority of the ADA from the ICO, pretending it had been bought. Restricting real supply while the official circulating supply is supposedly very high (and thus marketcap very high). Some of the people behind ADA, like Charles Huskinson have shady histories.
Dominic Gomez
It's pissing me the fuck off.
It's not even funny. I can literally go and buy 200 million doges right now from the market if I wanted to.
I can't buy even 1 million ADA because often times not even that many circulating
This high market cap is unjustified
Luis Peterson
This
Landon Adams
shady how?
Julian Hughes
wtf is this shit
Jordan Morales
larping for normies?
Luke Murphy
There was a thread about the Cardano creator in r/ethereum and he was bashed to shreds
Top kek post. Welcome new friend. 95% of Cardano ico participants were Japanese. The other 5% is in exchanges. Most Japanese investors keep their ada in private wallets.
Why haven't the Japanese dumped their coins? It's simple. Ada is only available on bittrex and and binance, which aren't popular among the Japanese. Japanese people trade on Japanese exchanges.
Who are those Japanese investors? Great question. It seems that most were normies without any expertise in crypto. Cardano held its ico in 2015. Ada coin took two fucking years to appear on bittrex, leading many to think that Cardano was a scam. My guess is that most investors don't even know yet that Ada can be traded. Once they figure this out, it's going to be a shitshow. People will dump massively. The supply in exchanges will increase 5x and the price will drop proportionally to the supply increase.
Or maybe those Japanese "normies" (totally-not-the-Yakuza) are better traders than American 15-year-olds and didn't sell at the first pump.
Zachary Morgan
thanks. You've never seen me before. This meeting never happend. Good bye.
Lincoln Sanchez
Let me be clearer (I'm posting from my phone, apologies for the typos).
>95% of Ada was sold to Japanese normies with no expertise in crypto. >They paid a tiny fraction of the current price. >Bittrex and Binance are the only exchanges with Ada at the moment. >It's unclear how much Ada they own, but it's probably less than 5% of the total supply.
So basically you're an idiot if you're paying 0.60 per Ada. You're fighting for scraps. Let the Japanese start trading their coins. Once they do, we'll know how much this coin is really worth.
Gavin Ortiz
Or it could be that the developers are stashing away all the ADA. I didn't know the ICO was back in 2015, thought this was a new coin.
Jaxson Ward
>Cardano was marketed in an utterly unethical way to Japanese pensioners as a safe place to put their life savings, and gain significantly on it. top kek
Ethan Morris
See: They were Japanese pensioners. People without much knowledge of crypto. They will sell their coins once Ada becomes tradable in normie-friendly Japanese exchanges. Most probably don't know it's already tradable. Someone needs to tell them! Unfortunately I don't speak Japanese.
Ayden James
I don't think developers are stashing it away. As far as I know they aren't holding any Ada, but correct me if I'm wrong. The Japanese still have most of the existing coins.
I suspect some Japanese investors may have lost their private keys and the money is gone. Others will sell once they figure out how. Before Ada appeared on bittrex a lot of people were saying the ICO had been a scam, which is understandable as it isnt common for a coin to take two years to become tradable.
Don't get me wrong, I think Cardano Is an interesting project. But the ICO was sketchy as fuck. I'm surprised people aren't pressing devs on these issues.
Parker Flores
Okay so once the Japanese start trading it then the price should plummet.
This is a cool conspiracy theory but I think ADA will be around for a while just because it's already in the top 5. People will buy in the scam.
The fact that the coin is a top 5 coin in just 3 months despite having almost no one hearing about it or even owning it is very suspicious on its own.
