<h4>What is happening with Cardano ($ADA)?&nbsp;$ADA has been a long-time steady top 10 ranking coin measured by market cap. However, recently it tumbled out of this top 10. Currently, it finds itself back at #12.&nbsp;So, is Cardano slowly becoming a thing of the past? Or is there still some mileage in Cardano?</h4> 
It launched in 2017, so, by all means, being around for 7 years is impressive. Nonetheless, Cardano has its ups and downs.&nbsp;There’s a major upgrade coming this week. This may well decide Cardano’s future. So, let’s take a closer look at the current state of Cardano and $ADA. 
<h5>What’s Going on at Cardano?</h5> 
There’s always something going on at Cardano. Not in the least with its CEO, Charles Hoskinson, at the helm. He’s always good for some drama. So, despite dropping out of the top 10 by market cap, there’s plenty going on at Cardano. Let’s take a look. 
First, it managed to reach a different ATH. Namely, 72% of $ADA holders are hodlers. They hold their $ADA for a year or longer. Another 25% hold their tokens between 1 and 12 months. The remaining 3% holds or rather trades $ADA within less than a month. Once more, it shows that Cardano has a strong community. However, it also shows that 74% of holders are in the red. 
Cardano also has a $7.2 billion daily on-chain volume. This gives a low NVT or Network Value to Transaction ratio of 2.62%. This indicates that $ADA is currently undervalued. 
<img decoding="async" class="aligncenter wp-image-149018 size-large" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/ITB_ada_network_value_to_transaction_nvt_ratio_cardano_2024-08-22T08_27_51.922Z-1024x683.jpg" alt="Cardano" width="696" height="464" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/ITB_ada_network_value_to_transaction_nvt_ratio_cardano_2024-08-22T08_27_51.922Z-1024x683.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/ITB_ada_network_value_to_transaction_nvt_ratio_cardano_2024-08-22T08_27_51.922Z-300x200.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/ITB_ada_network_value_to_transaction_nvt_ratio_cardano_2024-08-22T08_27_51.922Z-768x512.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/ITB_ada_network_value_to_transaction_nvt_ratio_cardano_2024-08-22T08_27_51.922Z-630x420.jpg 630w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/ITB_ada_network_value_to_transaction_nvt_ratio_cardano_2024-08-22T08_27_51.922Z-696x464.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/ITB_ada_network_value_to_transaction_nvt_ratio_cardano_2024-08-22T08_27_51.922Z-1068x712.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/ITB_ada_network_value_to_transaction_nvt_ratio_cardano_2024-08-22T08_27_51.922Z.jpg 1200w" sizes="(max-width: 696px) 100vw, 696px"> 
Source: <a href="https://app.intotheblock.com/coin/ADA" target="_blank" rel="noopener">Into The Block</a> 
There are also all kind of developments going on in Dubai. For example, 
<ul> 
 <li>In May, the Cardano Foundation <a href="https://cardanofoundation.org/blog/cardano-foundation-partners-with-dubai-blockchain-center" target="_blank" rel="noopener">partnered</a> with the Dubai Blockchain Center. This should advance education and understanding of blockchain technology.</li> 
 <li>The <a href="https://www.ccn.com/news/crypto/dubai-police-cardano-blockchain-crypto/" target="_blank" rel="noopener">Dubai Police</a> will use Cardano blockchain technology for criminal investigations. For the second time in a row, Cardano picked Dubai for their Cardano summit. This will be on 23rd and 24th of October.</li> 
 <li>Hydra, the layer 2 scaling solution, has real world applications. The Doom <a href="https://www.altcoinbuzz.io/category/blockchain-gaming/" target="_blank" rel="noopener">game</a> is a one-person shooter game. It debuted on 16th August. Each frame of the game is a transaction. It has 35 frames per second. So, Hydra handles <a href="https://x.com/JaromirTesar/status/1824515054873743504" target="_blank" rel="noopener">11k TPS</a> (transactions per second). That’s also a solid basis for a global payment system. 
 <blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/AdamRusch?ref_src=twsrc%5Etfw">@AdamRusch</a> playing DOOM at <a href="https://twitter.com/RareEvo?ref_src=twsrc%5Etfw">@RareEvo</a>, powered by Hydra. Every frame is a tx, really insane, there’s no lag at all <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f92f.png" alt="🤯" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f92f.png" alt="🤯" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f92f.png" alt="🤯" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/iIL25gCkCk">pic.twitter.com/iIL25gCkCk</a> 
 — Diegom₳c (@diegomac35) <a href="https://twitter.com/diegomac35/status/1824479709608153577?ref_src=twsrc%5Etfw">August 16, 2024</a>
 </blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></li> 
 <li><a href="https://x.com/Cardano_CF/status/1826188770875515238" target="_blank" rel="noopener">MetaMask</a> added a snap, so you can now access everything on Cardano in MetaMask.</li> 
</ul> 
Well, that looks very positive to me. Let’s look now at that mystery major upgrade. 
<h5>Chang Hard Fork</h5> 
The big upgrade I’m talking about is the Chang hard fork. This will bring <a href="https://www.altcoinbuzz.io/?s=governance" target="_blank" rel="noopener">governance</a> to Cardano. I mentioned this already in an earlier video, back in June. 
This is part of a major 5-piece <a href="https://roadmap.cardano.org/en/" target="_blank" rel="noopener">roadmap</a>. So, let’s see these five steps. We had, 
<ul> 
 <li>Byron — that was the foundation.</li> 
 <li>Shelley — this brought decentralization.</li> 
 <li>Goguen — for smart contracts.</li> 
 <li>Basho — for scaling.</li> 
 <li>Voltaire — brings governance.</li> 
</ul> 
The Chang hard fork starts the Voltaire era. It will give Cardano a decentralized governance system with input from community members. According to Hoskinson, this fork is not only a milestone for Cardano. No, according to him, it’s a milestone for ‘the whole industry’. 
<blockquote class="twitter-tweet"> 
 The Age of Voltaire: August 27th <a href="https://t.co/EClV6oOT0r">https://t.co/EClV6oOT0r</a> 
 — Charles Hoskinson (@IOHK_Charles) <a href="https://twitter.com/IOHK_Charles/status/1826111645141315944?ref_src=twsrc%5Etfw">August 21, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
It may well be, and most importantly, also a milestone for Cardano. This is the make-or-break moment for the chain. There are no further major updates scheduled. It looks like this Chang hard fork holds Cardano’s future in its hands. 
The date is set for 27th September. In this Voltaire era, we will see the introduction of, 
<ul> 
 <li>Community-run governance.</li> 
 <li>Voting.</li> 
 <li>Treasury management.</li> 
</ul> 
So, if you are an $ADA token holder, you can start voting on proposals very soon. 
The Chang hard fork has actually two upgrades. 
<ul> 
 <li>Step #1 — Setting the foundation to start decentralized voting. This will also include governance actions.</li> 
 <li>Step #2 — Introducing various governance features. This will include treasury withdrawals.</li> 
</ul> 
This hard fork takes decentralization and transparency a step further. Did you know that there’s a 1.5 billion $ADA treasury? That’s not exactly peanuts. Now, as an $ADA holder, you will be able to give direction to this treasury. 
<blockquote class="twitter-tweet"> 
 Cardano has a 1.5B <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a> Treasury!<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f3c6.png" alt="🏆" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 With Chang coming to Cardano, July 17th 2024, it is important that everyone learns about SanchoNet &amp; Intersect! These are our Tools for Governance on Cardano &amp; how we use the Billion <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a> Treasury!<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f3cb-fe0f-200d-2642-fe0f.png" alt="🏋️‍♂️" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 Marketing <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> Scaling <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 $10 <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f947.png" alt="🥇" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 — Lucid (@LucidCiC) <a href="https://twitter.com/LucidCiC/status/1799791277363560633?ref_src=twsrc%5Etfw">June 9, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
But what effect can or will this have on the $ADA price development? Let’s take a look at that. 
<h5>$ADA Token</h5> 
The <a href="https://www.coingecko.com/en/coins/cardano" target="_blank" rel="noopener">$ADA token</a> has a current price of 37 cents. Its market cap is $13.4 billion. Out of the 45 billion max and total supply of tokens, 35 billion already circulate.&nbsp;Over the last 7 to 14 days, we have seen a price increase between 13% and 14%. That can well be a direct impact of the Chang hard fork news. 
According to <a href="https://www.coinglass.com/currencies/ADA" target="_blank" rel="noopener">Coinglass</a>, we also see an increase in $ADA trading volume. On 21st August, this was 52.23%, followed by another 33.74% on the 22nd. Volume went from $324 million to $431 million in only 24 hours. So, all this looks bullish for Cardano. 
That’s also needed, since $ADA has been in a downwards trend since March. It’s also a 9x away from its ATH of $3.09 in September 2021. 
So, for the time being, things look like Cardano is on the up again. The Chang hard fork will be the judge if this is temporary or will see a resurrection of Cardano. 
What are your thoughts on Cardano? Is it dead, or is there still an upside possible? 
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Is Cardano ADA a Dead Altcoin?

Altcoin Buzz

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