Cardano price set to tank 10% as social media war between Reddit user, ADA founder develops

Cardano (ADA) price is tanking after a riot broke out online between an anonymous Reddit user known as Demesisx and the founder of Cardano, Charles Hoskinson. Hoskinson got called out in an open letter on Reddit for fraternizing with alt-right individuals such as Jordan Peterson and Elon Musk. It did not take long for Hoskinson to respond with his own public letter, which could turn the debate into a tit-for-tat war on social media with negative repercussions for Cardano.

Cardano price tanks due to Reddit fight

Cardano price is responding to the negative PR from Reddit user Demesisx, who ended his open letter by calling himself “the huge Cardano fanboi that has had enough.” In the open letter, Demesisx calls out the founder of the alt-coin for having alt-right sympathies. Hoskinson responded by pushing back against every accusation, though it is questionable whether this kind of PR gimmick will work for him.

ADA reflected that negativity by falling close to 2% in just two trading days. As bears are able to move the needle away from the 55-day Simple Moving Average, the next support can only be found near $0.32. That level is crucial to hold as it was the first real support level that triggered a bounce in the uptrend since January 1.

ADA/USD daily chart

The story falls into the gallery of other social media moments – like when Kylie Jenner single-handedly evaporated millions of stock value in Snapchat after issuing a single tweet questioning its existence. Snapchat is still around though, and so Cardano will be, even after this social media war has ended between Hoskinson and Demesisx. Expect ADA to push higher once the storm fades into the background with Cardano price breaking through $0.42.