Cardano (ADA) Community Clamors for Spot ADA ETF Application After Charles Hoskinson's Reaction to Simple Poser

Days after the first altcoin commenced trading for its Exchange-Traded Funds (ETF), the Cardano (ADA) community is rife with speculations and calls

After the first altcoin ETF began trading, members of the Cardano (ADA) community are buzzing with speculation and putting pressure on the community to apply for a spot ADA ETF.

A simple question posed by TapTools on social media platform X sparked the conversation and reactions. In the X post, TapTools asked, “Is an $ADA ETT up next?”

Charles Hoskinson’s Reaction and Community Expectations

TapTools shared a ‘To-Do List’ that showed Bitcoin and Ethereum crossed off, indicating the two had gained regulatory approval.

Is an $ADA ETF is up next ? ? pic.twitter.com/Vvq3fBJvmL

— TapTools (@TapTools) July 23, 2024

As mentioned in our earlier post, the United States Securities and Exchange Commission (SEC) approved spot Bitcoin ETF to begin trading in January of this year.

After seven months of anticipation and discussions between asset managers and the regulatory body, spot Ethereum ETF also received approval. As we covered earlier, eight asset managers listed this new fund on either the New York Stock Exchange (NYSE) Arca, Nasdaq, or Chicago Board Option Exchange (CBOE).

Cardano founder Charles Hoskinson reacted quickly to the simple post on X by TapTools. He responded with a GIF of a superhero that said, “Fine, I’ll do it myself.” While GIFs are a fun way to respond on social media platforms, members of the Cardano community decided to use the platform to rally Hoskinson to act now.

The passion suggested that they expected Hoskinson to submit an ETF application to the SEC. Meanwhile, one user, The Realist (@VeryRealRealist), gave Hoskinson the task of getting Cardano a stablecoin.

“Can you also secure a real stable coin for Cardano with liquidity and an on/off ramp by partnering with an exchange that will also list Cardano native tokens?” The Realist asked, to which Hoskinson replied in the affirmative.

Potential Impact on ADA’s Price and Market Sentiment

While some may dismiss Hoskinson’s responses as playful banter, some market observers believe they could serve as a barometer of community enthusiasm and sentiment. According to them, the possibility of a Cardano ETF product seems to be generating a lot of excitement, which could drive up the asset’s price.

Other factors that could contribute to the possible rally include the Chang Hard Fork. As we covered in a previous article, investors are optimistic about this event and expect it to drive up the price of Cardano. At the time of writing, ADA is trading at $0.418, up 1.36% in the past 24 hours.

Investors and stakeholders will keep a close eye on Hoskinson’s actions and the price of the digital asset as the Chang Hard Fork approaches in August.

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