#AdaFundamentals The second upgrade will begin nearly three months from now, with approval from the Interim Constitutional Committee (ICC) and Stake Pool Operators (SPOs). This upgrade will activate advanced governance features, including decentralized representatives (DReps) and governance tools, inviting broader participation from Cardano holders. 

The goal of the two upgrades in Chang Hard Fork is to fully transition Cardano to a community-driven blockchain in which the decision-making process is decentralized. 

Three key on-chain metrics show Cardano is gearing for price gains

Cardano’s large-wallet investors holding more than 100 million ADA tokens added 170 million coins to their holdings between August 27 and 30. This marks a large-scale accumulation by whales and is typically considered a positive sign for the asset. 

While whales accumulated Cardano, retail traders and smaller holders opted to sell their ADA tokens, data from Santiment’s supply distribution chart shows. 

Cardano’s Market Value to Realized Value (MVRV) – a metric used to ascertain whether a token is overvalued or undervalued in different time frames – stands at -11.08% in a seven-day time frame, suggesting that Cardano is undervalued. This signals the opportunity for a gradual long position in ADA as the asset remains undervalued this week. 

Traders have consistently realized losses in Cardano for weeks, additional data shows. The Network Realized Profit/Loss metric (NPL), used to identify the net profit or loss of all coins moved on a given day, shows that ADA traders have realized almost $44 million in losses in the last seven days, between August 24 and 30. 

Consistent negative spikes in NPL, meaning episodes of investors selling at losses, are typically considered a sign of capitulation after which prices tend to recover. 

Cardano trades at $0.3563 at the time of writing, down 0.39% on the day. #CryptoMarketMoves