Analyst’s Criticism
Murad Mahmudov, a former Goldman Sachs analyst, has sparked controversy by labeling Cardano (ADA) and XRP as “cult meme coins.” He claims these altcoins lack intrinsic value and are driven by community hype.
Cardano Community Response
Cardano community members have strongly refuted Mahmudov’s claims. They point to the cryptocurrency’s ongoing developments, its status as the 10th largest by market cap, and its high level of decentralization.
Cryptocurrency Performance
Both Cardano and XRP have been underperforming in the crypto market. They are trading below $1 despite reaching all-time highs in the past. Cardano has been on a downward trend since the start of the year, while XRP has experienced a significant price drop.
Community Support
Despite their sluggish performance, Cardano and XRP communities remain strong and supportive. This unwavering commitment may have prompted Mahmudov’s criticism as “cult coins.”
