Analyst Sebastian forecasts that the Cardano Chang hard fork could push ADA to $2, citing significant improvements in governance and smart contract efficiency.
In an update on the upcoming Cardano blockchain upgrade, crypto analyst Sebastian revealed that the initial node upgrade is expected in June, with all nodes set to be updated by August for the live Chang Hard Fork.
Sebastian’s prediction is that ADA, currently priced at $0.4254, could potentially hit $2 by August, drawing on historical price surges preceding hard forks.
The Chang Hard Fork is part of Cardano’s transition to the “Voltaire” era, announced in late 2022, marking a shift in decision-making power from IOHK to the broader community. Cardano’s CEO, Charles Hoskinson, confirmed the release of Cardano Node 9.0 to facilitate the fork, emphasizing the community’s crucial role in establishing a decentralized governance system with annual budgets, a treasury, and collective wisdom guiding the network.
Past hard fork events have shown a trend of ADA price increases, with the Chang Hard Fork expected to boost smart contract efficiency with Plutus v3 and introduce on-chain governance, distributing 1 billion ADA to the community.
The upgrade is also anticipated to bring improvements in decentralized exchanges (DEXs) speed, increased stablecoin usage, new central exchange (CEX) listings for various Cardano Native Tokens (CNTs), and an upcoming midnight airdrop.
Despite facing skepticism from some in the crypto community, Hoskinson remains confident in Cardano’s progress, highlighting the disparity between the platform’s actual advancements and how it is perceived by critics.
At the time of writing, Cardano (ADA) is valued at $0.4253, with a 24-hour trading volume of $496,920,640, reflecting a 0.88% decrease in the past day and a 7.73% drop over the last week.
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