- Over 18 million ADA tokens will be unlocked this month.
A similar unlock was in September, and ADA still saw a positive price action.
As a seasoned crypto investor with a keen eye for market trends and a portfolio that spans the entire cryptosphere, I find myself closely monitoring the upcoming token unlock of over 18 million ADA tokens by Cardano. Having witnessed similar unlocks before, I’m cautiously optimistic about the impact this could have on ADA’s price action.
On the occasion of its seventh operational anniversary, Cardano [ADA] is gearing up for a substantial release of ADA tokens into circulation.
In response to the recent news, Cardano (ADA) appears to be hinting at a possible comeback, having experienced a significant drop at the end of the previous quarter.
Cardano to unlock over 18 million ADA tokens
As stated by Token Unlocks, approximately 18.53 million ADA tokens will be released on October 2nd, which equates to half a percent of the total ADA supply. This release is expected to have an approximate value of about $7.37 million.
Currently, we find ourselves at a point where the Cardano network is on the verge of marking its seventh anniversary of continuous operation and approaching the significant threshold of 100 million completed transactions.
In a recent update, Cardano has introduced a hard fork aimed at nurturing its expanding ecosystem. This upgrade notably allows for the creation and operation of Decentralized Autonomous Organizations (DAOs).
The unsecured tokens have been earmarked for staking, treasury, and reserve funds. This is reminiscent of the September unlock of ADA tokens, during which an additional 0.5% of the total supply became available.
Cardano’s recent market performance
Cardano finished the last quarter on a slide, as AMBCrypto noted a 6% drop in the price of ADA, from $0.39 down to $0.37. Yet, despite this dip, the asset persisted in its bullish pattern by staying above its temporary average at roughly $0.35.
As of this writing, ADA has bounced back with a 3% increase, now trading around $0.38.
Furthermore, the Relative Strength Index (RSI) suggests a change in direction, hinting at a return to an upward trend.
ADA slips in market cap ranking
Currently, Cardano’s market cap is estimated at $13.4 billion, a result of its recent price drop. This decline has moved ADA from the 10th to the 11th spot in the cryptocurrency market capitalization list, with Tron taking the lead over it.
How the upcoming token unlocks will impact ADA’s market cap and ranking remains to be seen.
With Cardano set to unveil nearly 18 million ADA tokens, investors are keeping a keen eye on how this move might affect market dynamics.
As a crypto investor, I’m keeping a close eye on Cardano (ADA) as it seems to be bouncing back. However, with the upcoming token unlock and persistent market fluctuations, these factors could significantly impact ADA’s trajectory in the forthcoming weeks.
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2024-10-02 04:07