• Cardano’s native coin ADA has seen a 15% gain in price over the past seven days, due to the hype surrounding the upcoming Djed stablecoin launch, among other factors such as the improvement of economic conditions and ongoing developments on the Cardano Network.
• The Cardano community is also anticipating upcoming launches that would enhance the network and Smart Contract capabilities, as well as a new improvement proposal known as CIP-30 that would allow the integration of web-based wallet bridges.
• The eTukTuk automotive project launch is also speculated to be fuelling the ADA price rally.
Cardano’s native coin ADA has seen a remarkable price rally since the start of this year. The token owes its performance to the improving economic condition in the market and the ongoing developments on the Cardano Network. Over the past seven days, ADA has observed more than a 15% price gain and an over 17% 14-day gain.
The hype around the upcoming Djed stablecoin launch has been a major factor driving the ADA price up. According to COTI developers, the network behind the Djed stablecoins, ADA holders would receive extra rewards when they mint Djed by staking their ADA coins. This has encouraged users to buy more ADA and could further push the coin price.
Cardano’s community is also anticipating upcoming launches that would enhance the network and Smart Contract capabilities. These launches could allow Cardano to meet more market needs and position it to become a leader in the blockchain industry. Furthermore, Cardano has received a new improvement proposal known as CIP-30. This improvement proposal would allow the integration of web-based wallet bridges that would promote interaction between Cardano wallets and Web2 platforms like Amazon. This could lead to more use cases and adoptions of ADA, further increasing its growth.
The eTukTuk automotive project launch is also speculated to be fuelling the ADA price rally. This project is an ambitious initiative that seeks to create a financial infrastructure for the automotive industry, which would be powered by the Cardano blockchain. This could lead to increased adoption for ADA and open up new use cases for the token.
Overall, the developments on the Cardano network, along with the improving economic conditions, have created a favorable environment for ADA and have contributed to its impressive price rally over the past weeks.