Cardano News Today – Charles Hoskinson Dissociates Cardano From Chinese ADA MLM Scheme – July 6th, 2020

  • Cardano’s Charles Hoskinson Says the Cardano Foundation Has Nothing to do With Latest Chinese MLM Campaign 
  • Cardano ADA is Primed to Lead the Altcoin Rally

Cardano News Today – Over the past few months, a multi-level marketing scheme that involves the ADA token has been trending in China. The scheme promotes the Cardano ADA token in China and there have been speculations that the Cardano Foundation is sponsoring the event. The head of marketing at Hashkey Hub’s, Mo Li, even complained about his photo being used to promote the campaign without his consent. Many people in the cryptocurrency community believe that the ADA MLM scheme, which is being led by Chinese farmers may have driven the rise in the price of the token these last few weeks.

Cardano News Today – Charles Hoskinson Says Chinese Farmers Aren’t Responsible for the Rise in ADA

A few days ago, Mo Li said that the Cardano ADA token was able to move to the sixth position on CoinGecko because of the Chinese MLM scheme. Hoskinson said that this MLM scheme is nothing more than a scam that isn’t affiliated with Cardano and isn’t responsible for the rise in price. He said that the scheme was invented to rob rich Chinese farmers of their hard-earned cash. The organizers of the scheme have nothing to do with IOHK, Cardano’s parent company. They didn’t ask for permission before they used Cardano related pictures and logos. Hoskinson also criticized Li for associating the scheme to Cardano.

Cardano News Today – Cardano ADA is Primed to Lead the Altcoin Rally

Thanks to the steady bull run, Cardano ADA has managed to move from the 11th position to the 8th position on CoinMarketCap. Since the price of the token started to surge at the beginning of the year, it has climbed by more than 200% against Bitcoin and more than 250% against other altcoins. From the look of things, Cardano might be the token that will lead the upcoming, long-expected altcoin season. Bitcoin is usually the cryptocurrency that leads bull rallies in the market. Everyone in the cryptocurrency market knows this for a fact. However, there have been some occasions when altcoins other than Bitcoin lead the market-wide bull rallies.

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$0.136

At the time of writing, the price of the ADA token is $0.099198. It is up by 2.39% against the USD and up by 1.70% against Bitcoin BTC. It has increased by more than 150% against the USD since the beginning of the year. The trading volume over a 24 hour period is $255,163,953 and the market capitalization is $2,571,914,214. The token will most likely keep rising until the end of the year as there are no key resistance levels at this time.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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