Glauber Contessoto, popularly known as SlumDOGE Millionaire, reiterated his support for Cardano ADA/USD, despite the cryptocurrency's sluggish performance this year vis-à-vis the rest of the market.
What Happened: Contessoto wrote, "I still believe in ADA," in response to a picture of Cardano and Ethereum ETH/USD co-founder Charles Hoskinson, who appeared happy and spirited.
The popular trader has been known for his bullish stance on ADA and even placed the coin in his Top 5 list, along with Bitcoin BTC/USD, Ethereum ETH/USD, and Solana SOL/USD.
Why It Matters: The optimism came despite the tenth-largest cryptocurrency's lackluster performance this year.
ADA has plunged 41% year-to-date, while most large-cap coins have recorded significant gains in the same period. Bitcoin has surged 38% since the beginning of the year, while Solana and Ethereum have gained 54% and 17%, respectively, year-to-date.
Contessoto was supremely bullish on ADA even three years ago when he signaled his intention to buy as much of the cryptocurrency as “humanely possible.” Interestingly, this was the time when ADA was in a bull run and peaked some weeks later. Since then, however, it has lost 87% of its value.
However, he continued to indicate optimism in the following years and claimed to own nearly 100,000 ADA tokens in January 2023.
Contessoto gained fame for his early belief in the dog-themed meme token, Dogecoin DOGE/USD. He claimed to have invested extensively in the cryptocurrency and went from being a struggling music producer to a millionaire in 69 days.
Price Action: At the time of writing, ADA was exchanging hands at $0.3485, up 3.73% in the last 24 hours, according to data from Benzinga Pro.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
