- Cardano’s upcoming Chang hard fork could redefine blockchain governance and boost ADA’s value.
Despite recent price declines, ADA’s active addresses were increasing, signaling potential recovery.
As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of blockchain projects come and go. However, Cardano [ADA] has consistently caught my attention due to its unique approach to decentralization and governance. The upcoming Chang hard fork seems poised to set ADA apart from its competitors, potentially redefining the landscape of the blockchain industry.
At the moment of reporting, Cardano (ADA) was being exchanged for roughly $0.3586, marking a 6.8% drop compared to the previous seven days, and an additional 0.3% decrease within the past day.
Amidst persistent decreases in ADA‘s value, the cryptocurrency community keeps a keen eye on emerging advancements within the project, hoping they might change the discourse surrounding this blockchain endeavor.
Known cryptocurrency expert Dan Gambardello recently expressed his views about Cardano’s potential future on platform X (previously known as Twitter). He emphasized that the upcoming Cardano hard fork called Chang, set to take place on September 1st, might signify a significant shift in the project’s trajectory.
Will the Chang Hard Fork be a game changer?
Gambardello underscored the fact that this update transcends mere technological improvement, instead signifying a significant change or transformation in the way blockchain is governed.
He pointed out that the hard fork will place over $600 million worth of ADA entirely in the hands of its community, a figure that could rapidly increase to $5 billion or even $10 billion depending on ADA’s price movements.
The analyst noted,
“Given this type of governing structure, Cardano has the potential to reshape the concept of a top-tier blockchain, possibly drawing in an increased number of developers, users, and financial backers.”
Emphasizing the significant influence on the blockchain, Gambardello underlined that this transition isn’t merely about enhancing technology for swifter transactions or reduced costs. It also involves substantial changes beyond technical upgrades.
Rather than focusing on something else, it’s more about fostering genuine decentralization and creating a globally functional financial infrastructure that benefits everyone, ensuring security, scalability, and decentralization at its core.
He added:
“Cardano will no longer be perceived as just another project controlled by a big corporation; instead, it will be recognized as a powerful force driven by its community. Despite being overlooked and undervalued by many, Cardano has proven itself to be resilient and continues to thrive, maintaining its position among the top ten cryptocurrencies.”
ADA’s fundamentals amid price decline
Although Gambardello sees a positive future, it’s important to scrutinize the fundamental aspects of ADA to determine if it’s prepared for this expected change.
According to data from Santiment, the number of active addresses for ADA experienced a steady decrease following a peak of more than 340,000 in March this year. Yet, this month, we’ve seen a modest uptick.
In the past few weeks, the number of active addresses dropped to approximately 110,000 but has since increased to more than 132,000 today.
As an analyst, I’ve noticed a surge in active addresses within the network I’m observing. This uptick could be a sign of rekindled enthusiasm for the platform, potentially paving the way for a price resurgence if this trend continues.
Conversely, when it comes to ADA, transactions classified as whale transactions (transactions exceeding $100,000) exhibit a distinct pattern.
Just last week, a substantial increase in these major transactions reached 8,670, indicating high levels of activity from big investors.
Read Cardano’s [ADA] Price Prediction 2024–2025
However, this number has since declined to approximately 2,830 as of press time.
Reduced whale transactions may indicate decreased curiosity or faith from major investors, potentially intensifying the pressure on ADA‘s price should this pattern persist, as their lack of involvement could signal a bearish market trend.
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2024-08-30 14:48