Cardano’s upcoming “Chang” hard fork could lead to a price surge for ADA.
The Alonzo hard fork in 2021 doubled ADA’s price, reaching an all-time high.
The “Chang” upgrade aims to make Cardano fully decentralized and self-sustainable.
Cardano (ADA) is gearing up for a major upgrade, the “Chang” hard fork, slated for the end of July. With the cryptocurrency currently struggling to recover from recent losses, market analysts are looking to Cardano’s past performance for clues about what the upgrade might mean for ADA’s price.
Historical data reveals that before Cardano’s previous hard fork in 2021, ADA surged 130%, from $1.35 to $3.10 over a month.
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
Currently, ADA is trading at $0.3477 after a 2.28% rise in the past day. The cryptocurrency has seen a significant loss of 22.1% over the past month. However, historical trends suggest that ADA may experience a turnaround this month.
In 2021, Cardano underwent the Alonzo hard fork, introducing smart contract functionality to the network using Plutus. This upgrade enabled the deployment of decentralized applications (dApps) on the Cardano platform. Consequently, ADA’s price more than doubled, hitting an all-time high of $3.10 on September 2, 2021, ten days before the Alonzo upgrade.
The upcoming “Chang” hard fork is set to usher Cardano into the final phase of its development roadmap, the Voltaire era. This era aims to achieve complete decentralization and self-sustainability for the Cardano network. It will introduce a voting and treasury system, empowering network participants to shape the network’s future through their stake and voting rights.
Moreover, the Voltaire era will allow network participants to submit proposals for improving Cardano. Stakeholders can vote on these proposals through the existing delegation process. The goal is to transition Cardano out of IOHK’s management and into a truly decentralized infrastructure.
Cardano founder Charles Hoskinson has described this upgrade as a significant landmark in the network’s history. The “Chang” hard fork aims to provide the final components necessary for Cardano to maintain and improve itself.
As ADA struggles to recover from recent losses, the anticipation of the “Chang” hard fork could spark a price surge similar to what occurred in 2021. Historical patterns and the upcoming pivotal upgrade suggest a possible positive shift in ADA’s market performance this month.
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