Crypto commentator Moody Hank, who made large profits from Cardano (ADA) in 2020, drew attention after saying he would not invest in ADA now.

The Crypto Basic, a blockchain media outlet, reported on June 8 that Hank claimed Cardano’s investment narrative has effectively ended.

Hank said Cardano has entered a completely different phase from the period when it drew in investors during the 2020 to 2021 bull market. He said he made substantial profits from investing in 2020, but now not only has the upside momentum disappeared, investment conditions have also turned bearish. He said he would not put his own money, or anyone else’s, into ADA under current conditions.

He cited structural confusion inside the Cardano ecosystem. Hank pointed to growing internal conflict over governance proposals, saying the fallout led to the cancellation of the 2026 Cardano Summit. Cardano’s decentralised governance model was designed to expand community participation, but differences among DReps widened in the second quarter and several major proposals stalled.

Hank also flagged the social media activity of Cardano founder Charles Hoskinson as a concern. He argued that expectations and an overheated mood around Cardano have already faded. He said even if some in the community expect a rebound, people should coolly consider whether the narrative that produced past profits has ended. He told investors not to rely only on optimism, saying, "Hope is not a strategy."

Departures from inside and outside the ecosystem also continued. TapTools and JPG.store halted operations, and Dan Gambardello, known as a Cardano supporter, said he moved most of his ADA holdings to Sui (SUI). Over the weekend, Chicken, known as a core contributor, said he was leaving the ecosystem, citing bankruptcy concerns. Hoskinson also fuelled speculation after declaring a temporary break, but later drew a line, saying he was not leaving Cardano itself.

These internal negatives coincided with a broader downturn in the crypto market and added pressure to ADA's price. ADA fell below $0.16 over the weekend and at one point slipped out of the top 15 by market capitalisation. It later rebounded partly to $0.1627, but its market value remained around $5.86 billion and it ranked 15th.

The decline was also steep. ADA has fallen about 26.55 percent over the past week, and that is 94 percent below its all-time high of $3.10 recorded in September 2021. Hank said the expectations and hype that once drove Cardano’s rise no longer work.

The debate around Cardano is shifting beyond a fall in ADA’s price to whether confidence in the ecosystem can be restored. With governance conflict, the departure of major projects and community fatigue overlapping, ADA would likely need confirmed development progress and a recovery in ecosystem participation before any rebound, rather than short-term buying interest.

I’ll be honest; $ADA made me a lot of money back in 2020. Bought early, rode the wave, took profits. Genuinely grateful for it. But that was a different era. Different market. Different Cardano. Today? I wouldn’t touch it with someone else’s money. Ecosystem collapsing, founder… https://t.co/c1fLE6Y090