The Cardano network is on the cusp of a significant milestone with the upcoming Chang hardfork. This upgrade marks a pivotal moment in the platform’s journey towards full decentralization.
While Cardano has undergone several hard forks in the past, including Shelley for decentralization and Alonzo for smart contracts, the Chang hardfork is unique in its focus on governance. It will introduce a distributed governance framework, effectively handing over control of the network to the community.
Major exchanges like Coinbase and Bitfinex have already begun preparations for the hard fork, indicating its importance within the crypto ecosystem.
Impact on ADA Price
A common question is whether the Chang hardfork will influence ADA’s price. While the hard fork itself is primarily a technical upgrade, its significance in Cardano’s roadmap cannot be overstated. It represents a step forward in the project’s vision.
That said, the potential for speculation around the event cannot be dismissed. ADA has been recovering from a Q2 sell-off and is currently trading at $0.40. Recent price action suggests a potential shift in market sentiment, with the MACD indicating low selling pressure.
On-chain data provides further insights. While large address activity has been relatively subdued, recent upticks suggest increased whale interest. However, it remains unclear whether this activity is bullish or bearish.
Also Read: Cardano (ADA) Set To Skyrocket 2,021%: Analysts Predict $9 Peak Amid Bullish Market Trends
A positive trend is the growing number of long-term holders (HODLers). This indicates a growing belief in ADA’s long-term prospects.
In conclusion, while the Chang hardfork’s direct impact on ADA’s price might be limited, its significance as a step towards full decentralization could contribute to a positive market sentiment. Coupled with improving on-chain metrics, ADA bulls may be poised for a potential resurgence.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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