Cardano price is steadily rising towards the $3 price mark, which is expected to happen anytime soon, should the situation persists. ADA price stands at $2.87, while gains for the past 24 hours is 3.87% at the press time.
The asset may march towards a bullish trend as the big day approaches at lightning speed. Cardano has released a Public testnet on the 1st of September which is a step to initiate the Alonzo Hard Fork. Therefore initiating the countdown for the full Mainnet deployment.
The upgrade offers stake pool operation, transaction metadata, native tokens, ERC20, and more. ERC20 is an important tool that is activated with the testnet update. The ERC20 converter is the two-way bridge that connects Ethereum’s blockchain to Cardano, and the other way round. It enables users to migrate their tokens, liquidity, or utility tokens.
The ERC20 being one of the tools among others gives us the bigger picture of the capabilities of the coin. Learning from the present conditions, it doesn’t seem to be “Buy the rumour, sell the news”, as from the charts it is evident that the coin hasn’t seen an exponential pump yet.
Will Cardano Experience A Dogecoin-SNL Like Impact?
Previously, Dogecoin also had undergone a similar phase where Elon musk’s SNL event was expected to skyrocket the ADA price. And hence the price kept on pumping as the event was announced yet dumped hard during the event. However, it is important to understand that it is very unlikely for Cardano to move in the trend of the Dogecoin post-SNL, which had different factors revolving around. Considering the capabilities of the network, the green days are yet to make an impact.
What’s awaited for Cardano in near future? The platform will be releasing a series of updates in due course of time. The updates will be offered in 5 stages – Byron, Shelley, Goguen, Basho, and Voltaire. Cardano is at the end of the Shelley era, the Alonza hard fork update will bring in the most anticipated smart contracts on the network.
The Alonza hard fork will be executed in 3 phases – Alonza blue, Alonza white, and Alonza Purple, each phase is meant for the updates to be tested. Cardano has gained immense importance, despite being in the early stages of updates. The coin might probably hit $50 in the next 5 years with more updates in place.