Cardano’s native token, ADA, has been on a roll in recent weeks, rallying amidst a slew of positive news. This surge has allowed the token to set new yearly highs and climb higher on the crypto rankings. To put things into perspective, ADA is up circa 600% from its March lows, and 40% over the past one week alone. Moreover, the cryptocurrency is now the sixth most valuable crypto in the world after recently flipping Bitcoin Satoshi Vision (BSV).
Even after this stellar run, one market pundit thinks ADA still has plenty more room to grow owing to the blossoming fundamental side of the project.
ADA Has A Strong Upside Potential For Investors Entering The Market
According to Ryan Selkis, the founder and CEO of crypto research firm Messari, Cardano’s spectacular performance is as a result of the forthcoming iteration of the network, Shelley. This upgrade will activate a proof-of-stake algorithm that will allow ADA holders to stake their coins and earn rewards, on top of introducing decentralization and more scalability. All is set for the activation of Shelley through a hard fork at the end of this month.
In his most recent newsletter, Selkis noted that investors who think they are late to the ADA party still have the chance to buy and stake the asset for handsome returns as there is so much more room for Cardano to grow even after Shelley is launched.
He further posited that although the initial staking percentage will remain unknown until Shelley goes live, the Incentivised Testnet recorded participation of roughly 40%. And “if this carries over to mainnet, Cardano’s staking rates will be significantly lower than other large-cap networks like Tezos (80%) and Cosmos (71%),” Selkis added. This is bound to bode well for the bulls as investors will be attracted by the lower staking rates.
Cardano (ADA) Could Soon Score A Coinbase Listing
IOHK, the parent body that oversees Cardano’s activities has marked the advent of the much-anticipated Shelley with a plethora of new announcements. ZyCrypto previously reported about the launch of a $20 million development fund alongside Wave Financial.
In addition, IOHK recently partnered with Coinbase to allow ADA holders to store their assets in Coinbase Custody while still being able to participate in the network via staking. Furthermore, this will help Cardano increase its exposure, especially in the US market. The partnership has also sparked hopes among Cardano diehards that a listing on the popular San Francisco-based exchange is on the horizon.
Meanwhile, ADA has gained a cool 7.51 percent over the last 24 hours to change hands at $0.132008 at the time of publishing this.