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Cardano slumps under 20 cents as Hoskinson says he is 'taking a break' after warning of ecosystem failures
Key takeaways
- "This is where we're at as an ecosystem," Hoskinson said in a video posted earlier this week.
- The Cardano creator said he had warned earlier this year that deteriorating market conditions would force some projects to close.
- "I said at the beginning of the year, we're going to see a lot of people collapse because the markets are really bad," he said.
ADA is down nearly 10% on the news, according to CoinDesk market data. The token is down nearly 70% over the past year. The comments came in response to the shutdown of TapTools, a Cardano analytics platform that said it would cease operations after four years building on the network.
"This is where we're at as an ecosystem," Hoskinson said in a video posted earlier this week.
The Cardano creator said he had warned earlier this year that deteriorating market conditions would force some projects to close.
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