- Cardano prepares for its first hardfork phase.
- What does ADA pricing and data from the on-chain reveal about current demand?
The following are some of the ways to get in touch with us. Cardano [ADA] As the community prepares its eagerly anticipated Chang Hardfork, there are a lot of rumors. We’ll dive right in to see the buzz and what this could mean for ADA.
This isn’t the first Cardano Hardfork. This is the designation for the Shelly hardfork In 2020, the decentralization of the network was achieved.
Over the years, there have been other hardforks. There was the Vasil Hardfork 2022 and more recently the Alonzo Hardfork 2023, which allowed smart contracts.
Cardano will be able to use a distributed governance model after the Chang hardfork. It will allow the Cardano network to transition from a model of governance that is controlled by the community.
This change will give the Cardano Network a decentralized structure. The key benefit of this change is that it will enable the Cardano to network have a decentralized structure. latest update On the Chang hardfork, it was revealed that preparations for exchanges were already underway.
Coinbase and Bitfinex are among the first exchanges that initiated the process.
How will the Chang Hardfork impact ADA’s pricing?
Technically, the Chang hardfork is purely for implementing network changes. This could mean that it does not affect ADA’s pricing performance directly.
It is still a significant achievement, and in keeping with Cardano’s roadmap.
Despite the small probability that ADA will be affected by the Chang hardfork, some speculation may persist. ADA is trying to recover from its Q2 2024 sell-pressure. At the time of publication, it was trading at $0.40.
ADA has had a limited sell-pressure, especially since its recent retracement over the past two weeks. MACD showed low sales volume. The first week in August, this outcome may be favorable to ADA bulls.
According to the latest data on the chain, large addresses have decreased between the final week of June until the end of July.
There was a brief upswing in July, which lasted from the 7th to 10th. The number of large transactions is starting to increase (over $100,000).
An increase in activity at large addresses may indicate that the whales have something to cook up. The observation of whales buying and selling does not always indicate the exact nature of their activity.
The number of HODLers (+ 1 Year) increased from 3.13 to 3.18 millions in July.
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The number of traders also dropped significantly during the month. A sign that traders are increasingly focusing on long-term holdings rather than trading.
Perhaps a sign ADA bulls are ready to take the lead once more.
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Source: ambcrypto.com