Former Goldman Sachs analyst Murad Mahmudov has unexpectedly criticized two prominent cryptocurrencies, Cardano (ADA) And XRPThe analyst has labeled both altcoins as cult meme coins, which has sparked a heated debate within the crypto community.
Analyst Claims XRP and Cardano Are Cult Meme Coins
In an X (formerly Twitter) after On June 4, Mahmudov stated that XRP and Cardano were cult meme coins, implying that they have no intrinsic value and that their price was determined more by community hype. The criticism came as a surprise to Cardano Community members who rejected the analyst’s controversial claims.
“This is the cycle where people finally realize that XRP and ADA were nothing but Cult Meme Coins all along,” Mahmudov said.
As a meme coin analyst and trader, Mahmudov has consistently praised meme coins in the cryptocurrency world, declaring that they were the “reincarnation of the great Initial Coin Offering (ICO) wave of 2017” and stating that “meme-based cryptocurrencies made the crypto market great again.”
The analyst has received a lot of criticism from the Cardano community, with several members praising him Cardano’s ongoing developments and its status as the 10th largest cryptocurrency by Market capitalization. Responding to the controversial statement of Mahmudov, a Cardano whale turned down his comments, because he felt they were not credible.
Another member of the community questioned the analyst’s claims that Cardano was a meme coin, and that Cardano was the most decentralized cryptocurrency with a MAV of over 50 and a history of 6.5 years with no downtime, no hacks and no failed trades.
Cardano and XRP Underperform in Crypto Market
The analyst’s description of Cardano and XRP can be attributed to the cryptocurrency’s low value and lack of momentum lately. Both Cardano and XRP are trading below the $1 price barrier despite hitting record highs of $3.10 and $3.84 in 2021 and 2018 respectively.
More specifically, Cardano has been in a major downtrend since the beginning of the year. While other altcoins like Solana and Ethereum have seen major bull rallies to new highs, Cardano price statistics maintain a slow momentum.
The cryptocurrency crashed by 26.56% in the past month, fueled by declining investor demand for altcoins. Despite major projects such as the Change hard fork will take place soon, Cardano has not seen a rally in response to the developments. At the time of writing, the cryptocurrency is trading at $0.33, reflecting a 13.59% drop in the past 24 hours, according to CoinMarketCap.
Similarly, XRP has a big price dropbreaking out of its previous consolidation level of $0.5 and trading at $0.41. The cryptocurrency has dropped a staggering 22.13% over the past month and is still experience more declines.
Despite the declining value and sluggish performance of Cardano and XRP, their respective communities remain strong and united, continuously showing support for the cryptocurrencies in the hope of a possible price increaseThis unwavering dedication and support, despite persistent declines, may have prompted Mahmudov to criticize Cardano and XRP as cult meme coins.
Main image created with Dall.E, chart from Tradingview.com