Is Cardano a Dead Altcoin? How Could Upcoming Chang Hard Fork Affect ADA Price?

A video posted by Altcoin Daily on YouTube addressed some of the issues that Cardano has been facing. According to the crypto analyst who made the presentation

Cardano has had a rough year. After dropping out of the top 10 cryptocurrencies by market cap, ADA now ranks 12th. However, the project, which was founded in 2017, is still showing signs of life and development.

One of the biggest metrics that shows Cardano’s strength is the strong hodling behavior of its community. According to data from IntoTheBlock, 72% of ADA holders have been holding their tokens for a year or longer, while an additional 25% have been holding between 1 and 12 months. This brings the total number of long-term ADA holders to 97%.

On the other hand, the analysis shows that 74% of ADA holders are currently in the red on their investment.

Despite this setback, the project, which has been around since 2017, continues to show signs of life and development. Some of these include partnerships in Dubai and the introduction of the Hydra layer 2 scaling solution, which are reflections of the project’s ongoing progress and real-world applications.

Some of the key metrics that show the strength of Cardano include:

A daily trading volume of 7.2 billion ADA

A low network value to transaction ratio of 2.62 ADA

These metrics suggest that ADA may be undervalued at present.

The Chang hard fork, which is scheduled for September 1, is also generating some positive enthusiasm. This upgrade will usher in the Voltaire era, introducing community-run governance, voting, and treasury management. With a 1.5 billion ADA treasury at stake, token holders will soon have the ability to influence the project’s direction through decentralized voting.

While the hard fork has generated some positive enthusiasm, reflected in a recent 12-15% price increase and heightened trading volume, it remains uncertain whether these governance features will have a lasting impact on ADA’s price. The token currently trades at nearly 39 cents, with a market cap of 13.676 billion ADA.

As Cardano approaches this crucial milestone, the crypto community is hopeful to see if the Chang hard fork can rejuvenate the project and potentially restore ADA to its former top 10 status.

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