Cardano announced plans to unite all investors under one umbrella by launching their new social media platform, ‘Cardano Clan.’ Emurgo, Cardano’s commercial arm, revealed that Cardano Clan would provide investors with comprehensive and up-to-date content from the ecosystem. While the platform is in public test mode, Emurgo urged users to sign up and give feedback on possible changes.
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However, Cardano Clan has received a lukewarm response from investors as they find the name to represent a cult. Several users lamented the founders for choosing a controversial term that makes it sound like they’re part of a ‘clan.’ Therefore, the social media platform started on the back foot with little to no engagement in the ADA community.
A Twitter user quickly commented after the platform’s launch, “We are not part of a clan.” Another user wrote, “I suggest an immediate rebranding before even launching, Cardano Clan does NOT sound good.”
“EMURGO is proud to alpha launch our social platform Cardano Clan. Cardano Clan’s mission is to offer the Cardano community the most comprehensive and up-to-date content from the Cardano Ecosystem,” they tweeted.
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The community’s feedback is loud and clear that the social media platform needs to rebrand the name. The name controversy also comes at a time when Mike Novogratz, the CEO of Galaxy Digital, called the ADA community a “weird cult.” Novogratz also revealed that he finds ADA’s $46 billion valuation “shocking.”
“And so things like Cardano, it shocks me, the valuation. And it shocks every smart developer I know. They have done something to create this weird cult,” he said to Yahoo Finance.
Cardano (ADA) Price Stagnation
ADA remained on the back foot this year but found ground last month after rising nearly 21% in 30 days. However, ADA’s performance was lackluster in the previous six months as its price failed to exceed the $0.65 mark. Each time the crypto reaches $0.60, it is beaten back in price, making it unable to claw back to previous highs. The crypto is yet to kickstart in the indices as its price has remained stagnant for several months.
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At press time, Cardano was trading at $0.55 and was down 3.8% in the 24 hours day trade. It is also down 82.1% from its all-time high of $3.09, which it reached in September last year.