Cardano’s native cryptocurrency, ADA, surged 15% in the past 24 hours, fueled by Charles Hoskinson’s promise to advocate for a clear regulatory framework for cryptocurrencies under the Trump administration. Hoskinson, a prominent figure in the crypto space, expressed optimism about the potential for progress under the Republican-controlled government.
Cardano’s ADA token surged over 10% in the past 24 hours, reaching its highest point since July 23, and becoming the week’s top performer among major cryptocurrencies, outperforming even Bitcoin. The rally was driven by increased whale activity and high network usage, but indicators suggest some profit-taking may be occurring.
Charles Hoskinson, co-founder of Ethereum and Cardano, has expressed concerns about former President Donald Trump’s new digital assets platform, World Liberty Financial. He fears the platform could become a political issue, potentially hindering the growth of the crypto industry. Hoskinson believes that the Democratic Party might use its power to slow down Trump’s venture, while also questioning the support for crypto from both Trump and Vice President Kamala Harris.
Cardano’s long-awaited ‘Chang’ hard fork, aimed at decentralizing governance and empowering ADA holders, has been successfully implemented. This upgrade introduces a new era of on-chain voting and decision-making for Cardano’s future, with ADA holders now able to elect representatives and vote on proposals for improvements and technical changes. While the hard fork failed to immediately boost ADA’s price, it marks a significant step toward Cardano’s vision of becoming a self-sustaining system.
Cardano is set to undergo its most significant upgrade in two years, the ‘Chang’ hard fork, introducing on-chain governance mechanisms. This upgrade, originally scheduled for this week, has been postponed to September 1st to allow exchanges like Binance more time to prepare. The hard fork will empower ADA token holders to elect representatives and vote on proposals, marking a crucial step towards Cardano becoming a self-sustaining system.
Despite facing competition from other networks, Cardano’s ADA has maintained a steady user base and transaction volume, suggesting potential undervaluation. The network’s resilience and strong long-term holder confidence have fueled speculation about a possible bullish reversal.
