Cardano’s Chang-Hardfork May Influence ADA’s Price Amidst Market Changes
The Essentials at a Glance
The crypto world is eagerly awaiting the upcoming Chang-Hardfork of Cardano (ADA), which holds potential for the currency’s price development. But what exactly is behind this update and what impact could it have on the ADA price and investors? We illuminate the details of the hardfork and analyze the current market data to paint a comprehensive picture.
A Look at Cardano’s Chang-Hardfork
Cardano is on the verge of launching its Chang-Hardfork, a significant network update aimed at implementing a distributed governance framework. This update marks another step towards a fully community-controlled governance structure, promising an even more decentralized organization of the network. In anticipation, major exchanges like Coinbase and Bitfinex have already begun preparations.
The Impact on the ADA Price
Technically speaking, the Chang-Hardfork aims at infrastructure improvements and may not have a direct impact on the price development of ADA. Nevertheless, the event could lead to speculation and thus indirectly influence the price. After pressure from sales activities in the second quarter of 2024, ADA is currently trying to recover and was last quoted at $0.40 USD.
Current Market Data and Speculation
Recent on-chain data shows a decreasing activity of large addresses, suggesting a consolidation phase. Interestingly, the number of long-term HODLers is increasing, while short-term traders are decreasing. This could be an indicator that investor sentiment remains positive and forms a basis for a potential upward movement.
Our Assessment
Cardano’s Chang-Hardfork represents an important milestone in the network’s development and could contribute to strengthening the ADA price action in the long term. In the short term, however, it is difficult to predict the direct impact on the price. Investors should closely monitor the developments around the hardfork and adjust their strategies accordingly. The increasing participation of long-term HODLers suggests that confidence in Cardano and its potential remains high.
Sources: TradingView, IntoTheBlock
| Symbol | ADA |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
|
| Cons |
|
| Price | $0.79 |
| 24h % | -3.60 % |
| 7d % | 40.80 % |
| 30d % | 122.31 % |
| 60d % | 126.49 % |
| 1y % | 111.65 % |
| Market Cap | $28,485,579,004.00 |
| Max. Supply | 45,000,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
Advertising transparency