Former Goldman Sachs analyst, Murad Mahmudov has unexpectedly criticized two prominent cryptocurrencies, Cardano (ADA) and XRP. The analyst has labeled both altcoins as cult meme coins, sparking heated debate within the crypto community.
Analyst Claims XRP And Cardano Are Cult Meme Coins
In an X (formerly Twitter) post on June 4, Mahmudov declared that XRP and Cardano were cult meme coins, implying that they have no intrinsic value and their price was driven more by community hype. The criticism came as a surprise to Cardano community members who rebuffed the analyst’s controversial claims.
“This is the cycle when people are finally realizing that XRP and ADA were nothing other than Cult Meme Coins all along,” Mahmudov stated.
As a meme coin analyst and trader, Mahmudov has continually praised meme coins in the cryptocurrency space, declaring that they were the “reincarnation of the great Initial Coin Offering (ICO) wave of 2017” and stating that “meme-based cryptocurrencies were making the crypto market great again.”
The analyst has received severe backlash from the Cardano community, with various members lauding Cardano’s ongoing developments and its status as the 10th largest cryptocurrency by market capitalization. Responding to Mahmudov’s controversial statement, a Cardano whale dismissed his remarks, claiming they lacked credibility.
Another community member questioned the analyst’s claims that Cardano was a meme coin, stating that Cardano was the most decentralized cryptocurrency with an MAV of over 50 and a 6.5-year history of zero downtime, zero hacks and zero failed transactions.
Cardano And XRP UnderPerform In Crypto Market
The analyst’s description of Cardano and XRP could be attributed to the cryptocurrency’s low value and lack of momentum lately. Both Cardano and XRP are trading below the $1 price mark despite reaching all-time highs of $3.10 and $3.84 in 2021 and 2018, respectively.
Specifically, Cardano has been on a major downward trend since the beginning of the year. While other altcoins like Solana and Ethereum have witnessed major bull rallies to new highs, Cardano price metrics maintain a sluggish momentum.
The cryptocurrency crashed by 26.56% over the past month, fueled by investors’ waning demand for altcoins. Despite major projects like the Chang hard fork set to take place soon, Cardano has failed to witness a rally in response to the developments. As of writing, the cryptocurrency is trading at $0.33, reflecting a 13.59% decline in the last 24 hours, according to CoinMarketCap.
Similarly, XRP has experienced a major drop in its price, breaking out of its previous consolidation level of $0.5 to trade at $0.41. The cryptocurrency has plummeted by a staggering 22.13% over the past month and is still experiencing more declines.
Despite Cardano and XRP’s waning value and sluggish performance, their respective communities remain strong and united, constantly showing support for the cryptocurrencies in hopes of a potential price rebound. This unwavering commitment and support despite persistent declines may have prompted Mahmudov to criticize Cardano and XRP as cult meme coins.