The Cardano community is buzzing with excitement for the upcoming Chang Hard Fork upgrade. Although the price of ADA has yet to reflect this growth sentiment, analysts are confident in a potential breakout. The launch of the Chang Hard Fork, scheduled for Q2 2024, is expected to be a game-changer for the Cardano network and could serve as a catalyst for ADA during the current bull run.
One prominent member of the Cardano community, Chris, expressed his enthusiasm for the Chang Hard Fork on the X platform, stating, “I hear the Chang Hard Fork is going to be an absolute game-changer for Cardano.” This update is a crucial milestone in Cardano’s roadmap, Voltaire, which focuses on governance. The Chang hard fork will be implemented in three stages.
The first stage introduces a new governance feature called Delegate Representatives (DReps), who are elected by the community through ADA token delegation. These representatives will hold influential roles and directly vote on governance decisions and initiatives based on the Cardano Constitution.
The second stage involves a constitutional conference in Buenos Aires, where governance officials will come together to draft the initial version of the Cardano Constitution.
In the final stage, the drafted Constitution will be subject to community approval through voting. If endorsed, the Cardano Constitution will become the foundation of the network’s decentralized governance model. The finalization of the Cardano Constitution is expected by the end of the year.
Meanwhile, ADA, the native cryptocurrency of Cardano, is attracting attention from investors due to the anticipation surrounding the Chang Hard Fork. Despite the current price decline, ADA shows potential for a bullish run after the fork’s launch.
According to CoinCodex, Cardano is projected to stabilize its price momentum after May 7, potentially reaching $0.49 by May 27. Despite ADA’s current trading price of $0.4423 (down by 1.7% in 24 hours), the trading volume has increased by 2.9% to $284 million.
Notably, Cardano’s whales have been involved in large transactions, with an average volume of $13.84 billion daily over the past week. This heightened activity among Cardano’s whales suggests significant market movements and has caught the attention of the crypto community.
If a breakthrough occurs, it could lead to increased buying pressure and motivate investors to pursue the $0.57 and $0.687 price highs. Analysts also predict that ADA may experience an explosive run in its attempt to surpass the $1 resistance level.
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