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May 22, 2024
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Cardano (ADA) Fails To Claim Bull Run, Yet Community Holds On, Here Is Why

The post Cardano (ADA) Fails To Claim Bull Run, Yet Community Holds On, Here Is Why appeared first on Coinpedia Fintech News

On September 22, Cardano, a smart contract platform, experienced its much awaited Vasil hardfork which aims to boost up the network’s performance and capability. Just before the launch of the Vasil hardfork there were speculations that it will turn out to be one like Ethereum merge where ETH dropped after the Merge. However, Cardano’s native currency, ADA too followed ETH path as ADA didn’t surge after the incident.

Meanwhile, Cardano network has come with a few developments for the network. Though the Vasil hardfork was launched on September 22, the hardfork was made completely available to developers today, September 27th. This hard fork comes with a promise to support reference inputs, collateral outputs and much more.

Also Rick McCracken DIGI, the one who implemented DIGI stake pool on Cardano network shared his below mentioned observation via Twitter on September 26th.

ADA Inflows Amidst Bear Market

At the time of publication, Cardano is selling at $0.44 after a plunge of 0.65% over the last 24hrs. The immediate resistance for the currency lies at $0.55 around which the future price action of the currency lies.

These developments are the reason that the ADA community is still holding on to the currency in spite of its poor performance.

On the other hand, Cardano network is experiencing huge inflows from its investors and this is confirmed by CoinShares’ report that states inflow of $100,000 ADA in blockchain-focused crypto products.

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