Can you see Cardano ($ADA) going to $1 or more? In all fairness, for a long time, I couldn’t see that happen. However, never say never. The man himself, Charles Hoskinson, came with some interesting news last week. Cardano is ready for the Chang fork.
This fork sees the Cardano Node reach 9.0. In other words, once 70% of the SPOs install the new node, Cardano can enter the Age of Voltaire. The SPOs are the Stake Pool Operators. This will give Cardano a decentralized governance system with input from community members. Are you ready for Cardano’s most significant milestone in its history?
When Will the Chang Fork Happen, and What Will Be Its Impact?
According to Charles Hoskinson, Cardano’s founder, the Chang fork will happen in June. That’s this month. And for the record, the name of the fork is to honor Phil Chang. He passed away in 2022 and was an early Cardano governance leader. As one can expect of Hoskinson, he had some interesting statements to make. Let’s say that he’s not without drama.
Anyway, he claimed that this fork was not only a milestone for Cardano. Without a trace of humility, he sees this as a milestone for ‘the whole industry’. Earlier this month, he also addressed crypto influencers and the media. He mentioned that their criticism of Cardano saw a disconnection.
Source: X
He said: “Never in my career have I seen such a profound disconnect between reality and opinion, with the cryptocurrency influencer and media perception of Cardano versus its actual fundamentals.” Furthermore, he called it beyond pathetic and low quality and low effort. Did I mention drama yet? But let’s focus on the new fork instead. He may have some points, after all.
So, what can we expect from this Chang fork? Let’s take a closer look. This fork will lead Cardano into the Voltaire era. This is the last era of Cardano’s development stages. So, there has to be quite a bit of pressure. This better works for Cardano, right? So, with the Voltaire era, we see the introduction of:
- Community-run governance.
- Voting.
- Treasury management.
In other words, if you hold the $ADA token, you can start and vote on proposals. There will be two upgrades:
- Step #1 — Setting the foundation to start decentralized voting. This will also include governance actions.
- Step #2 — Introducing various governance features. This will include treasury withdrawals.
This will take decentralization and transparency a step further. And don’t forget, there’s a 1.5 billion $ADA treasury. As $ADA holder, you can give direction to this treasury.
Source: X
What Will Be the Price Effect on $ADA?
Cardano is hovering around the top 10 measured by market cap. That’s a great feature in itself. However, since its $3.09 ATH in September 2021, the $ADA token has been in decline. That’s despite various upgrades to the chain. So, a legitimate question is, will the Chang fork make a difference? Can it break this pattern and give $ADA a jump start? Of course, Hoskinson and the Cardano crew are positive about this. However, the initial announcement of the Chang fork didn’t move the $ADA price.
The current $ADA price is $0.38. Over the last 7 days, $ADA is 9.3% down. Over the last 3 months, it’s down by 44%. Part of this is that the whole market is showing negative sentiment. The $BTC price is also dropping, and as usual, the market follows suit.
Another factor is competition. Cardano started out around 2017. However, in the meantime, there are plenty of competitors on the market. Cardano is dealing with some stiff competition. 5 Ethereum, BNB, Solana, Avalanche, and Polkadot are some of the bigger names.
There’s also an entire basket full of other chains that are knocking on the door. Algorand, Polygon, Chia Network, and many more. Nonetheless, most projects don’t even survive one bull and bear market cycle. Cardano is in its third bull run now. So, from that point of view, Cardano is an OG. Here are some predictions I found:
- $2 by August, according to @Av_Sebastian, a Cardano maxi.
- It gets better, with @TheOCcryptobro. He’s another Cardano fan. His prediction is no less than $5.50 by Chang fork time.
Source: X
However, it looks like the reality is different. Cardano is struggling to gain momentum. A break above $0.50 is likely. User adoption and its community might trigger this. The question is how much higher $ADA can rally beyond this point. Having said that, we can also have a look back. For example, at the 2021 Alonzo hard fork. This upgrade introduced smart contracts. During 2021, $ADA surged 30x. Now, if you remember, that was also a bull run year.
So, what do you think, will this upgrade catapult Cardano into the top 10? Will it give an injection to the $ADA price? If so, what is your prediction for $ADA? Let me know in the comments.
Disclaimer
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