As a researcher with experience in the cryptocurrency market, I am closely following the developments surrounding Cardano’s upcoming Chang hard fork. The anticipation within the community is palpable, and for good reason. The last hard fork in 2021 saw an impressive price rally for Cardano’s native cryptocurrency, ADA.
Cardano is preparing for the Chang hard fork, an highly anticipated update slated to occur by the end of July. This news has generated significant buzz within the crypto sphere, with many taking note due to the strong price surge that followed Cardano’s last hard fork in 2021.
The Chang hard fork signifies a pivotal shift for Cardano, propelling it into the Voltaire era and completing its journey towards a completely decentralized blockchain infrastructure. Post this transition, Cardano will no longer be overseen by Input Output Global (IOG), instead being governed entirely by the community members.
During the past week, the Cardano Foundation and Cardanoscan joined forces to create a monitoring platform. This tool is designed to assess the preparedness for one of Cardano’s most significant upgrades ever: the Chang hard fork. The importance of this event stems from its contribution to the inception of Cardano’s governance model, marking the introduction of minimal community-led governance.
Historical surge hints at ADA potential rally
In the upcoming Chang hard fork, Cardano’s native cryptocurrency ADA may experience a substantial price increase based on historical trends.
Based on IntoTheBlock’s analysis, Cardano’s cryptocurrency, ADA, experienced a substantial price surge prior to its major update in 2021. In just one month, the value of ADA rose by approximately 130%, climbing from $1.35 to $3.10. This past performance fuels anticipation that the imminent Chang hard fork could trigger a comparable price surge for ADA.
As the crypto community keeps a keen eye on developments in July, they eagerly anticipate the impact of the Chang hard fork on the price of Cardano (ADA). With past market trends serving as a point of reference, there’s speculation that this hard fork might initiate a rally comparable to previous events. However, the outcome is still uncertain.
At the time of writing, ADA was down 0.6% in the last 24 hours to $0.356, per CoinMarketCap data.
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2024-07-07 18:17