Cardano Price Prediction: $600M Controversy Erupts — Will ADA Buckle or Bounce?

A growing feud between Cardano (ADA) founder Charles Hoskinson and NFT artist Masato Alexander has taken a sharp turn, with new accusations and private messages surfacing amid a $619 million controversy.

Alexander alleges Hoskinson covertly rerouted 318 million ADA from presale wallets into Cardano reserves during the 2021 Allegra hard fork—an accusation Hoskinson flatly denies.

Hoskinson responded on X, claiming the allegations are a ploy to attract attention for Alexander’s Ethereum-based project, Akua. “So the defamation was just about increasing his visibility to fund-raise for an Ethereum project???” Hoskinson posted on Wednesday, sharing a screenshot of a private exchange where Alexander mentioned seeking funding.

Alexander swiftly fired back, questioning the ethics of publicizing private messages and referencing earlier conversations with Cardano developer Phil Harman, who had suggested an Akua version on Cardano. Harman later criticized the disclosure : “What is the purpose of releasing these DMs…?”

Akua’s February 2025 white paper describes it as an Ethereum-compatible prediction market focused on earthquake risk. This has fueled speculation among Cardano community members, who argue Alexander’s campaign is driven by financial motives rather than principle.

Hoskinson has threatened legal action and commissioned independent audits to verify that over 99.8% of presale ADA was properly redeemed, with the small remainder donated to Intersect, Cardano’s governance body. He insists the redemption process was adapted to assist elderly Japanese investors.

Meanwhile, an audit by McDermott Will & Emery and BDO is underway, promising clarity. A release date is TBA.

Cardano Price Analysis – Where is ADA Heading Now?

News of Hoskinson’s feud has done little to substantially affect the course of Cardano’s ADA coin. In the last 24 hours, it fell 2% down to $0.7739.

Over the same period, crypto’s collective market cap fell 4.3% to $3.55 trillion.

However, in the last hour, Cardano has climbed 0.3%, which could indicate a reversal.

Should markets flash green by tomorrow, Cardano will be well on course to a dollar per ADA, but the coin faces some stiff resistance between $0.90 and $1.15 that could scupper its upward price action.

For the minute, Cardano is trading three to four cents higher than its 30-day moving average (MA), but its relative strength index is 56 and falling, indicating some selling momentum is picking up.

This is likely to converge the price of Cardano with its 30-day MA, which will consolidate the price at its current level ahead of a potential new rally.