Cardano is gearing up for the Chang hard fork, an eagerly anticipated upgrade set to take place by the end of July. This development has sparked considerable interest within the cryptocurrency community, especially given the impressive price rally that accompanied Cardano's previous hard fork in 2021.
The Chang hard fork marks a transformative step into the Voltaire era for Cardano, marking the final stage of its road map to create a fully decentralized blockchain ecosystem. Once the switch is complete, Cardano will no longer be actively managed by Cardano development firm Input Output Global (IOG) but will instead be wholly run by community members.
In the week, the Cardano Foundation launched a tracking page in collaboration with Cardanoscan to monitor the readiness for one of Cardano's major upgrades in history. The significance of the Chang hard fork lies in its role in the bootstrapping of the Cardano governance model, introducing minimum-viable community-run governance.
Historical surge hints at ADA potential rally
As Cardano prepares for the Chang hard fork, historical performance hints at the potential for a significant rally in ADA's price.
According to IntoTheBlock, Cardano's native cryptocurrency, ADA, saw a significant spike in the run-up to its last major upgrade in 2021. Within a month, ADA's price increased by 130%, from $1.35 to $3.10. This historical performance has raised expectations that the upcoming Chang hard fork could similarly catalyze a significant price rally for ADA.
Cardano is preparing for the Chang Hard Fork, set to occur by the end of July.It's worth noting that before its previous hard fork in 2021, $ADA surged 130%, from $1.35 to $3.10 in just a month. pic.twitter.com/E8zTEgZM6k
— IntoTheBlock (@intotheblock) July 6, 2024
The cryptocurrency community will be watching closely as July progresses, eager to see how the Chang hard fork will affect the ADA price. The historical precedent has left the market wondering: Will the Chang hard fork catalyze a similar rally? The answer to this question remains yet to be seen.
At the time of writing, ADA was down 0.6% in the last 24 hours to $0.356, per CoinMarketCap data.
