The community is abuzz with anticipation over the forthcoming Chang hard fork, scheduled for the second quarter of 2024. Positioned as a game-changing milestone in Cardano’s journey toward decentralized governance, this upgrade marks the start of minimum-viable community-run governance in the blockchain ecosystem.
As Chang draws closer, the historical performance suggests a potential huge rally in the price of ADA.
Cardano Chang Fork Is Almost Here
Cardano’s Chang fork is approaching quickly.
The Chang hard fork marks a transformative step into Cardano’s Voltaire era, marking the final phase of its road map to create a fully community-run blockchain ecosystem. The upgrade, named in honor of the early leader in Cardano governance, Phil Chang, will usher in an era where Cardano is wholly run by community members instead of being actively managed by Cardano development company Input Output Global (IOG).
This groundbreaking approach to representation empowers holders to delegate their ADA tokens, thus boosting greater engagement and participation.
According to Cardano creator Charles Hoskinson, Chang is the “most significant milestone in the history of Cardano,” which will help the blockchain network to enable a “decentralized civilization spanning the entire world with millions of residents.”
Can We Expect A Repeat Of 2021 Explosive ADA Rally?
In 2021, the Cardano Alonzo Hard Fork was one of the most momentous events in the crypto industry, with the excitement of decentralized applications (dapps) and smart contracts finally launching in the ecosystem. This excitement drove the ADA price to its current lifetime high of $3.09.
According to data from IntoTheBlock, the Cardano price would rally from a low of $1.35 to over $3.10 in the month leading up to the hard fork. By the time the Alonzo Hard Fork was completed in September 2021, the ADA price had already completed an over 130% run.
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
This spectacular performance has raised hopes that the impending Chang milestone could spark a meteoric price rally for ADA. If it plays out similarly to the 2021 hard fork, expectations are already high that Chang could propel the ADA price to the coveted $1 price tag.
That said, Cardano’s highly-awaited Chang fork is set to debut amid a decline in the ADA token, which has endured a significant retrace in 2024. In early April, ADA dropped out of the top 10 coins by market capitalization, giving way to the Telegram-linked cryptocurrency Toncoin (TON).