Cardano (ADA) mainly was trading sideways in October but the digital asset recovered and remained on the plus side for four consecutive days. The price rise came after the day Cardano founder Charles Hoskinson tweeted that “Something special is coming in November”.
However, the founder did not provide further information giving way to speculations on social media by investors. ADA investors believe that the blockchain might announce the launch of its own stablecoin next month.
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Many others believe that something much more exciting is on the cards that could sustainably scale ADA’s price up. Nonetheless, we’ll have to wait and watch for an official confirmation as to what the announcement might be. Till then, social media gossip needs to be taken with a grain of salt.
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Should You Buy Cardano (ADA) Before The “Special” Announcement?
The crypto markets put their best foot forward this week as Bitcoin climbed above the $20,000 mark. Ethereum reached $1,500 on Wednesday, 40 days after the transition to PoS. Several altcoins jumped double digits in the indices and attracted bullish sentiments. The sudden spurt in price came as refreshing, boosting the confidence of day-to-day investors.
Moreover, ADA is now backtracking on Thursday and the gains are minimal. The crypto is at the $0.40 level for the last 24 hours with no movement forward.
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Placing bets on an upcoming “special” announcement might be risky as the development is unknown. Taking an early entry position now might be dangerous if the announcement turns out to be a dud. ADA might head south rather than north if the update is just another development on the blockchain.
In conclusion, even the Vasil hard fork which went live in September failed to scale up ADA’s price sustainably. Therefore, the upcoming “special” announcement might not be bigger than the hard fork and has a slim chance to make ADA shoot up in price. It is advised to wait and watch for the update before going all-in on Cardano.
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At press time, Cardano was trading at $0.40 and is up 1.4% in the 24 hours day trade. It is down 86.9% from its all-time high of $3.09, which it reached in September 2021.