Cardano’s Chang Fork Upgrade Could Revive ADA’s Market Value
The Bottom Line
Cardano is on the verge of a significant network upgrade, the Chang Hard Fork, which could potentially break the long-standing price stagnation of ADA. This upgrade promises significant changes, including the introduction of a community-driven governance. Despite a challenging year for ADA with a significant price drop, there are signs pointing to a possible recovery. The number of ADA holders remains stable, indicating a solid base of long-term supporters.
Cardano Prepares for Chang Upgrade
The upcoming Chang upgrade is eagerly anticipated as it promises significant changes to the network. A key point is the introduction of a community-driven governance, intended to decentralize decision-making processes. This move aims to enhance democratic participation within the ecosystem. In addition, the hard fork will initiate a Constitution Convention event, where various stakeholders come together to draft a constitution for Cardano. After the drafting phase, the proposed constitution will be put to a community vote.
Cardano Continues to Struggle
The price performance of Cardano (ADA) shows a challenging year with a significant downward trend. Since the beginning of the year, ADA has lost over 41% of its value. However, current data suggests a possible recovery, supported by the Relative Strength Index (RSI) which is below 40. An RSI below this value typically indicates that an asset is oversold, which could hint at an impending market recovery.
Holders Remain Stable
Analysis of holder numbers within the Cardano network shows a stable trend. Currently, about 4.48 million wallets hold at least one ADA. This number has hardly changed since the beginning of the month, indicating a solid base of long-term supporters who are not influenced by short-term market fluctuations.
Our Assessment
The upcoming Chang upgrade could represent a turning point for Cardano that many investors and supporters have been longing for. The introduction of a community-driven governance and the planning of a constitution for the network are bold steps that underline the long-term commitment and development of the Cardano platform. Despite the current challenges, there are clear signs of a possible recovery in the ADA price. The stability of the holder numbers speaks to strong confidence in the future of Cardano. Interested investors should closely monitor developments around the Chang upgrade, as this event could have significant impacts on the price and position of ADA in the crypto market.
Sources
– IntoTheBlock
– Santiment
– TradingView
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| Symbol | ADA |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Price | $0.35 |
| 24h % | -1.32 % |
| 7d % | -12.08 % |
| 30d % | 8.83 % |
| 60d % | 4.53 % |
| 1y % | 32.68 % |
| Market Cap | $12,490,092,296.00 |
| Max. Supply | 45,000,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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