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Cardano Founder Reveals Plans of Potential Engagement with Elon Musk 

Lele Jima
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Cardano Founder Reveals Plans of Potential Engagement with Elon Musk 

Cardano Founder Charles Hoskinson has revealed plans to engage with famous American businessman and Tesla CEO Elon Musk. 

Hoskinson made this known while responding to an inquiry from an X user about whether he has had an engagement with Musk. 

Hoskinson Awaits Special Occasion to Hit Up Musk 

Responding, the Cardano founder revealed that he plans to contact the American businessman. 

“You only get to pull that card once,” Hoskinson stated. 

His comment suggests that engaging with someone like Musk only happens once in a lifetime. As a result, he pointed out that he is saving “the card” for “something big” in the future 

Cardano Fans React 

The Cardano boss did not provide further insights into his potential engagement with Musk. As expected, some of Hoskinson’s followers asked about the magnitude of the future event that the Cardano boss awaits before he contacts Musk. 

Other users speculated that the occasion Hoskinson awaits could be important and possibly relate to Cardano. This might lead to a major technological breakthrough for the leading blockchain network. 

Musk’s Impact on Crypto 

A potential discussion between Hoskinson and Musk could lead to a collaboration that might positively impact the broader crypto industry, especially Cardano and its native token, ADA. Such a collaboration would be characterized as Musk’s endorsement of Cardano, thus driving the price of ADA to unprecedented levels. 

Musk’s influence on any crypto project cannot be overstated. For instance, the billionaire’s tweets and support for Dogecoin played significant roles in boosting the value of DOGE to an all-time high of $0.7376 on May 8, 2021. The billionaire could replicate the feat for ADA if he collaborates with Hoskinson on any groundbreaking initiative. 

Hoskinson’s Prior Engagement with Musk 

Meanwhile, Hoskinson had proposed engaging with Musk on a possible collaboration. In April 2022, the Cardano founder proposed helping Musk build a decentralized version of Twitter. He made the proposal after multiple reports suggested that the Twitter board could reject Musk’s offer for the platform. 

Later that month, Hoskinson refused to deny nor confirm reports suggesting he met with Musk at the X headquarters. 

With Hoskinson indicating plans to communicate with Musk for “something big,” Cardano enthusiasts hope the potential engagement will positively impact the price of ADA, which currently trades at $0.4537. 

Top Trader Sets $3 Dogecoin Price Target Based on These Fibonacci Levels

Zabi
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Top Trader Sets $3 Dogecoin Price Target Based on These Fibonacci Levels

Trader Kevin sets a $3.24 Dogecoin (DOGE) target based on Fibonacci levels, with technical indicators suggesting a potential breakout despite recent dips and industry skepticism.

He presented this target in an analysis on X, basing his prediction on a technical analysis that heavily relies on Fibonacci levels. His recent post, which has garnered significant attention, suggests that DOGE is poised for a breakout reminiscent of its November 2020 surge.

Kevin’s analysis presents multiple 1.618 Fibonacci extensions. Dogecoin has hit this level in the past, resulting in impressive price surges.

Echoes of 2020’s Bull Run

Kevin further highlights the 2-month Bollinger Bands, which signal a potential breakout for the first time since November 2020. This pattern of contraction followed by expansion typically heralds an imminent, significant price movement. 

Complementing this is the 2-month LMACD (Logarithmic Moving Average Convergence Divergence) bullish cross, another event unseen since November 2020. This convergence further bolsters the potential for a robust upward trend.

Currently, Dogecoin is trading at $0.158, with a market cap of $22,878,274,476. Despite recent downturns—2.05% in the last day and 4.43% over the past week—DOGE demonstrated resilience on June 1, reclaiming the $0.16 mark.

This rebound followed a tumultuous week with a 12% decline, influenced by the passing of Kabosu, DOGE’s iconic mascot, and a temporary shift in trader interest to Ethereum-based memes after ETH ETF launches.

According to analyst Ali, There has been an increase in Dogecoin whale activity, with reports indicating that an additional 200 million DOGE have been acquired by these large holders since May 30th.

Image Source: https://x.com/ali_charts/status/1797903639346081913

A Week of Mixed Emotions

As reported by The Crypto Basic, the Dogecoin community faced a somber moment with the loss of Kabosu, the beloved dog that has symbolized DOGE since its inception. 

Simultaneously, the debut of Ethereum ETFs briefly redirected trader focus to Ethereum-hosted memes such as PEPE and Floki Inu, dampening demand for Dogecoin.

As a result, DOGE’s price saw a rapid 6% decline in late May. Yet, as the ETH ETF excitement subsides, retail interest seems to be gravitating back to DOGE markets.

Industry Titans Weigh In

While Kevin’s analysis projects optimism, not all industry figures concur. Ripple CEO Brad Garlinghouse recently expressed criticism of Dogecoin at the 2024 Consensus conference.

Despite DOGE’s substantial $23.22 billion valuation, Garlinghouse raised doubts about its contribution to the crypto industry. He emphasized the necessity for the market to mature beyond speculative assets, using Dogecoin as a prime example.

Binance Implements MiCA Stablecoin Regulations

Albert Brown
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Binance Implements MiCA Stablecoin Regulations

MiCA rules prompt Binance’s proactive Unauthorized Stablecoin restrictions. Binance aligns with forthcoming MiCA regulations. EEA users face transitional changes amid stablecoin regulation.

Binance, a leading crypto exchange, has shared substantial updates on services for users within the European Economic Area (EEA) in response to the changes in new rules on stablecoins regulations by the EU’s Markets in Crypto-assets (MiCA) set to come into force on June 30, 2024. These changes are intended to allow compliance with the new regulatory requirements and users’ transition.

Binance Restrictions on Unauthorized Stablecoins

From June 30, 2024, EEA users of Binance products will have limited access to Unauthorized Stablecoins as per the update. Unauthorized Stablecoins relate to the classification of stablecoins not included in the “Regulated Stablecoins” according to the new MiCA regulations.

To ease this change, Binance will gradually adjust the working status of Unauthorized Stablecoins. The changes include:

Binance Convert: While  Binance users are allowed to trade Unauthorized Stablecoins with other assets, such as other digital currencies, Regulated Stablecoins, or fiat money, they are barred from purchasing Unauthorized Stablecoins.

Spot Trading: Trading pairs containing Unauthorized Stablecoins will remain allowed for now, while trading pairs containing Regulated Stablecoins will be affected.

Wallet: The custody and wallet services of unauthorized stablecoins will remain open, and users can cash out or top up their stablecoins to their Binance wallets.

Binance Implementation of General Product Restrictions

Besides all specific product changes, Binance will also have general product limitations per its entire catalog. This entails modifications to rewards, such as spot copy trading, margin trading, launch pad, simple earn, and loans. These restrictions limit consumers’ ability to engage in new products or services that come with Unauthorized Stablecoins.

The changes follow the rules outlined by the MiCA stablecoin, which states that stablecoin issuers are subject to regulation under electronic money institutions ((EMIs), meaning they must adhere to the current laws regarding the EMD.

Context: MiCA Regulations and Compliance

MiCA became law in May 2023, further cementing the previously existing rules for fiat stablecoins. These rules indicate that only EMIs and credit institutions are allowed to launch fiat stablecoins in the EEA. 

Lack of the necessary license to issue e-money will likely attract the law to help prevent negative consequences resulting from non-transparency, ensure the financial stability of organizations, and protect consumers’ rights.

A few European firms, including Monerium, Membrane, and Quantoz Payments, have already started issuing fiat stablecoins under the EMD; such firms have embarked on the regulation-first strategy. Some of them, for instance, Circle, are still in the process of obtaining EMI licenses to legalize it.

Shiba Inu Lead Developer Unveils His Latest Visit, Community Responds

Lele Jima
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0
Shiba Inu Lead Developer Unveils His Latest Visit, Community Responds

Shiba Inu lead developer Shytoshi Kusama recounts his experience during his recent visit to the Middle East. 

In an X post today, the pseudonymous lead developer of the Shiba Inu ecosystem said he is leaving the Middle East after spending incredible time there. Kusama emphasized that he had the opportunity to engage with his cousins and learn about their culture.  

The tweet conveys Kusama’s appreciation for the cultural exchange and learning he experienced during his recent visit to the Middle East. 

Shiba Inu Community Reacts 

Although Kusama restricted his followers from commenting on the post, some users quoted the tweet to express their reactions to the development. 

Reacting, Vet Kusama, the sibling of Shiba Inu lead developer and a prominent SHIB community figure, stated that they eagerly anticipate Kusama’s return visit to the Middle East again. 

However, a particular Shiba Inu enthusiast urged Kusama and other Shiba Inu ecosystem team members to deliver on their promises to community members. The user also questioned the rationale behind Kusama’s decision to close the comment section of the tweet. 

Shib user
Shib user

Other users are more concerned about the implications of Kusama’s Middle East trip to the cryptocurrency. It is unclear whether Kusama had any engagement relating to SHIB during his latest trip. 

Shiba Inu’s Presence in the Middle East 

However, Shiba Inu has already established a strong presence in some key regions in the Middle East, especially in Dubai. 

Earlier this year, Shiba Inu emerged as a notable sponsor of the prestigious 2024 Web3 Summit event in Dubai, which featured over 3,000 attendees and nearly 100 speakers. Shiba Inu also sponsored another crypto-related event, Token2049, held in Dubai in April, where it networked with top industry stakeholders and participated in a Polo Cup competition. 

Additionally, Top Dubai-based exchanges, including CetoEx and CoinW, have also rolled out support for Shiba Inu ecosystem tokens. Furthermore, tourists can book different UAE-based exotic hotels with SHIB, thanks to Majid Al Futtaim’s integration with Binance Pay. 

Whether Kusama’s trip to the Middle East will further drive Shiba Inu’s adoption in the region remains to be seen. 

BNB Price Holds Above $630 With Bullish Conviction; Should You Buy?

Mark Brennan
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BNB Price Holds Above $630 With Bullish Conviction; Should You Buy?

BNB’s market price has managed to stay above the $630 mark, demonstrating a significant bullish trend.

BNB price continues to print gains for the past two consecutive sessions, rising convincingly above 5%. If the buyers manage to sustain the momentum, it could set the path toward an all-time high in the short term.

Recall that Binance’s former CEO Changpeng Zhao was sentenced to a four-month jail term by a US federal judge. This ruling was made due to the failure to implement effective anti-money laundering policies in Binance.

As of press time, BNB trades at $629, up 0.58% for the day. According to Coinmarketcap, the 24-hour trading volume rose to $2,422,606 in time with price. Further, Open Interest (OI) spiked by 24% in the past 24 hours, reflecting the investor’s attention on the coin.

bnb
Source: BNB 1-hour chart Trading view

On the 1-hour timeframe, BNB price trades near the bullish trend line that extends from the low $594.94 made on June 2. After making the high of $637.56, the price retreated marginally, allowing sidelined buyers to enter the long position. The bulls must hold the session’s low to keep the upside momentum in swing.

For the upside, the first resistance appeared at the previous day’s high of $637.56, followed by $645. 

On the other hand, if the bearish momentum persists, the bears could pounce at the $627 level. 

Technical indicators:

Moving Average: Bullish Bias

BNB price holds above the 21-hour SMA, which holds at $627.17. The formation of multiple green candles at the support of the moving average suggests the formation of the demand zone.

RSI (14): Bullish Bias

The momentum oscillator, the Relative Strength Index (RSI), reads at 53. It predicts a bullish bias in the short term.

In a nutshell, the BNB looks bullish on the short-time frame giving upside targets. However, a confirmation is needed before placing aggressive bets.

Support and Resistance

BNB’s first resistance appeared at the previous day’s high of $637.56, followed by $645. On the other hand, if the bearish momentum persists, the coin could find support at the $627 level.

US FP Council Says Ripple to Rival Visa and Mastercard for Digital Assets Currency Conversion

Abdulkarim Abdulwahab
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US FP Council Says Ripple to Rival Visa and Mastercard for Digital Assets Currency Conversion

The U.S. Faster Payments Council (FPC) has recognized Ripple among companies like Visa and Mastercard set to compete for dominance in currency conversion for digital assets.

This acknowledgment was part of the most recent insights from the FPC Work Groups investigating ways to enhance the speed of real-time payments, with a particular focus on reducing the 2-3 day settlement time to instant.

Currently, efforts to achieve real-time payments include advancements in cross-border payment solutions and digital assets. However, FPC identified currency conversion as a significant challenge for cross-border payments and digital assets.

Currency Conversion Challenges

Currency exchange, the process of converting one currency into another at an agreed exchange rate, usually involves a third-party service.

For cross-border payments, a significant aspect of the payment process is the foreign exchange component. This often involves a network of correspondent banks, settlement processes within central banks, and the parties initiating and receiving the payment.

Moreover, the report highlighted that achieving immediate fund availability in cross-border payments is further complicated by manual operations and compliance requirements.

Regarding digital assets, the challenge extends beyond just currency conversion. The infrastructure must support not only the exchange of fiat currencies but also the conversion rates between different cryptocurrencies.

Meanwhile, FPC recognized distributed ledger technology (DLT) as a potential solution to improve transaction speed. Additionally, it noted that systems that support multi-currency settlements and real-time conversion rates are crucial for both cross-border and digital asset transactions. 

Furthermore, the council recognized that while cross-border payments and digital asset transactions share similar business functions, currency conversion mechanics may differ. 

Key technological components include APIs for real-time exchange rates and payment tracking, AI, and machine learning for data analysis and risk management. Also, digital wallets and DLT will provide platforms for managing transactions and liquidity. 

Ripple, Visa, and Mastercard to Compete for Dominance in Digital Asset Conversion

While digital asset currency conversion is projected to follow the FX model, it would require a trusted infrastructure. Specifically, FPC suggested that just as traditional sources like Bloomberg and Reuters provide FX rates for cross-border currency conversions, a similar infrastructure for digital asset conversions will emerge, potentially on DLT. 

In this context, the Faster Payments Council recognized Ripple as one of the companies that could significantly contribute to providing the necessary technology and platform for these conversions. Moreover, it stated Ripple will rival Visa and Mastercard for dominance in this market.

Ripple’s involvement would likely be due to its existing blockchain-based payment solutions facilitating quick and cost-effective cross-border transactions.

Shiba Inu Reacts As Top Dubai Exchange Lists BAD

Lele Jima
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0
Shiba Inu Reacts As Top Dubai Exchange Lists BAD

Dubai-based crypto exchange CoinW announces the listing of Shiba Inu’s artificial intelligence partner token, Bad Idea AI (BAD), on its trading platform. 

According to a recent announcement, CoinW will list the token in its innovation zone under the BAD/USDT trading pair. The exchange also took to X to announce the development.

CoinW opened deposits for BAD yesterday, allowing its users to send the token into their accounts in preparation for the trading set to begin today. Notably, trading and withdrawal of BAD will officially commence today at exactly 10:00 AM (UTC). 

Shiba Inu Congratulates Bad Idea Team 

The Shiba Inu ecosystem team took to X to congratulate their AI partner on the listing of its native token on CoinW. They emphasized that the listing resulted from the Bad Idea AI’s team dedication and hard work.  

The CoinW listing will further bolster the widespread adoption of BAD, which could positively impact the token’s price in the long term. This is because CoinW is ranked as the 29th-biggest exchange, with a 24-hour trading volume of $1.14 billion.

CoinW supports 393 crypto assets and a total trading pair of 411. Some of its supported coins include Shiba Inu ecosystem tokens like SHIB, KNINE, and SHEB. 

BAD Price Soars 11.7% in 24 Hours 

Meanwhile, since BAD’s launch on May 5, 2023, it has secured listings across ten crypto trading platforms, including Gate.io, Bitget, MEXC, BitMart, Poloniex, Bilaxy, and LBank.

With CoinW announcing further support, the number of trading platforms that have listed the AI-focused token has increased to 11.  

The token, which surged to an all-time high of $0.000000194 on August 13, 2023, was trading at $0.000000027. Its current price represents a 24-hour surge of 11.7%. 

CoinW Launches Giveaway to Celebrate BAD Listing 

Interestingly, CoinW announced a special bounty program with a reward pool of $10,000 to celebrate the listing of BAD. The one-week bounty program will commence today, June 4, at 10:00 (UTC) and end on June 10 at 16:00 (UTC). Per the announcement, the bounty program was segmented into five categories. 

Tier 1

The first category is designed for new users who register a new account and trade any amount of BAD/USDT during the promotion period. A prize pool of 1,000 USDT of BAD has been set aside for this event, and eligible users will receive a $5 airdrop on a first-come-first-served basis. 

Tier 2 

According to CoinW, the second category involves a trading competition for the BAD/USDT pair. Users who trade a maximum of 100 USDT of BAD within the promotion period will be eligible to share the daily prize pool of 500 USDT in BAD. 

The total reward for this event is 3,500 USDT worth of BAD. Notably, the top 10 users with the highest trading volume will share 50% of the daily reward pool, while the remaining 50% will be distributed to users who meet the trading requirements. 

Tier 3 

The third event is a referral program, where users are rewarded for inviting new users to register on CoinW, complete KYC, and execute any amount of BAD/USDT transactions during the promotion period. CoinW has set aside 500 USDT as the total reward pool for this event. Existing CoinW users will receive at least 3 USDT worth of BAD for every successful invitation.  

Tier 4 

Notably, the fourth event is a social media campaign with a total reward pool of 3,000 USDT worth of BAD. The social media task involves retweeting an X post on CoinW’s account and completing tasks on the Gleam platform. Winners of this event will be selected via a lucky draw, and each will receive 5 USDT worth of BAD. 

Tier 5 

Lastly, the fifth program will see the exchange distribute a prize of 2,000 USDT worth of BAD to users who join an upcoming AMA session featuring the CoinW and Bad Idea team. CoinW said more details about the upcoming AMA will be released soon. 

Ethereum Price Forecast: ETH Bulls Target $5,000 Rally in June 2024

Mark Brennan
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Ethereum Price Forecast: ETH Bulls Target $5,000 Rally in June 2024

Ethereum price recorded a blistering 4% surge over the weekend, as it reached a daily timeframe peak of $3,839 on June 3, bears face more liquidation risk amid shrinking ETH supply. 

Ethereum starts June 2024 with a 4% Uptick

Following the 30% price upswing that greeted the Ethereum ETF approvals, many ETH holders entered a profit-taking frenzy in the last week of May, cutting the monthly gains to 24%.

However, as the sell-the-news wave cools off, ETH markets have begun to attract buying momentum in June.

Ethereum Price Action (ETH/USD) June 2024 | TradingView
Ethereum Price Action (ETH/USD) June 2024 | TradingView

As depicted in the yellow shaded area of the chart above, ETH price has increased by 3.7% within the first three days of June. A move that could set the pace for the rest of the month.

While the official launch of the Ethereum ETFs still hangs in the balance, Ethereum continues to struggle to find the next demand surge. However, on-chain data shows that the shrinking supply of ETH coins across exchanges has put bulls in the driving seat once again.

Ethereum Exchange Supply in Rapid Decline

Crypto investors await the official launch of the recently-approved Ethereum ETFs. Instutitional investors accross the US, including Pension funds, Investment houses, Hedge funds, etc are expected to add billions worth of ETH to their portfolio in the coming weeks.

Recent on-chain movements of ETH coins across exchanges suggest that existing ETH holders have started making bullish moves to front-run the positive impact of the ETF inflows.

A vital indication of this Cryptoquant’s Exchange Reserves chart, which shows the real-time changes in ETH balances held across exchange-hosted wallets and trading platforms.

Ethereum Price vs. ETH Exchange Reserves | CryptoQuant
Ethereum Price vs. ETH Exchange Reserves | CryptoQuant

There has been a considerable decline in the supply of ETH deposits on exchanges since May 21. The chart above shows that investors held 13.9 million ETH on exchanges as of May 21. But at the time of writing on June 3, the Ethereum exchange supply has now dropped to 13.1 million ETH.

This implies that Ethereum holders have shifted over 800,000 ETH from exchange supply into long-term storage options and staking contracts in the 14 trading days between May 21 and June 3, 2024.

When there’s a dramatic decline in exchange supply, it creates a bullish buzz around the underlying asset for two main reasons. Firstly, it means that existing investors are looking to hold out for long-term gains rather than exploit short-term trading opportunities on exchanges.

More importantly, these 800,000 ETH exchange outflows mean that over $3 billion worth of ETH has been pulled from the short-term market supply within the last two weeks alone.

This puts Ethereum’s price in a prime position to stage a parabolic breakout above $4,200 during the next wave of demand surge.

Asides from the ETF inflows, the upcoming US Non-Farm Payrolls report scheduled for June 7, is another key market event that could impact Ethereum price action in the June 2024.

XRP to $110: Analyst Suggests Imminent Push Based on 44D Pattern

Sam Wisdom Raphael
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XRP to $110: Analyst Suggests Imminent Push Based on 44D Pattern

Pseudonymous market analyst Moonshilla expects XRP to spike above $110 upon breakout, identifies an attractive entry point on the 44-day chart.

Moonshilla made this assertion in his latest report on XRP’s price movements. Notably, XRP has continued to consolidate between a high of $0.5703 and a low of $0.4665 over the past seven weeks. This range-bound movement has also presented a consolidation on the 44-day chart, data confirms.

XRP’s Six-Year Triangle

Interestingly, this consolidation phase follows a series of uptrends and downtrends recorded by XRP since it dropped from its $3.31 all-time high in January 2018. While XRP has witnessed these conflicting trends over the last six years, data from Moonshilla’s chart shows that it has been oscillating within a symmetrical triangle since 2018.

Recall that World of Charts identified a similar symmetrical triangle formation three months back. However, this triangle was much smaller, having formed on the 3-day chart for three years. Moonshilla’s triangle has persisted for six years, increasing the likelihood of a massive price pump upon a successful breakout. 

While a breakout to either side (down or up) is possible, Moonshilla is confident an upward push is imminent. With XRP trading for $0.5201, its current 44-day candle trades within the symmetrical triangle. However, Moonshilla expects a breakout this month, with a conviction that the current 44-day candle could close above the upper trendline of the triangle.

He sees this phenomenon as an opportunity for investors to enter the XRP market, as it solidifies his projection of an uptrend. According to him, if market participants see XRP close above the upper trendline of the symmetrical triangle (blue line) on June 24, they should procure more XRP tokens.

XRP Sees Slow Accumulation

Currently, there is a divergence of trends between varying tiers of XRP holders amid the market uncertainty. Notably, those holding 1 million to 10 million XRP and 100 million to 1 billion XRP have distributed 140 million XRP over the last two weeks. Whereas, investors holding between 10 million and 100 million tokens have accumulated 390 million XRP in the same period, per Santiment data.

XRP Whale Addresses 072213
XRP Whale Addresses | Santiment

Despite the contrast in trends across several tiers of holders, accumulation has generally been slow. The Accumulation/Distribution metric remains stable at 9.9 billion XRP since April. This suggests that the trend has neither shifted to accumulation nor distribution due to uncertainty. However, Moonshilla calls for a spike in accumulation once XRP closes above the triangle.

XRP Daily AccumulationDistribution Metric 072221
XRP Daily Accumulation|Distribution Metric

An XRP Target of $110

If this happens, he expects a massive price spike, which he believes could eventually result in a value above $110. XRP must rally by 21,049% to reach $110, a price point that would take its market cap to $6 trillion. As a result of the audacious nature of this target, market participants remain pessimistic despite confirming the possibility of an uptrend.

While other analysts have projected similar breakout points, their targets have been less ambitious. For instance, Bitcoin proponent Emily contends that XRP could reach $10. Meanwhile, World of Charts expects a symmetrical triangle breakout to take XRP toward $5.

Here’s When Cardano Can Reach $500 if ADA Price Doubles Monthly 

Lele Jima
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0
Here’s When Cardano Can Reach $500 if ADA Price Doubles Monthly 

Cardano (ADA) would reach the ambitious $500 target in over ten months if its price doubles every month, starting from $0.4488. 

ADA recently showed strength this week after it fought its way back to the list of top 10 cryptocurrencies by market capitalization. Recall that Shiba Inu pushed Cardano to the 11th position on May 29. 

Interestingly, upon a recovery push, Cardano eventually outpaced SHIB and Toncoin (TON) to rank as the ninth-largest cryptocurrency by market cap. 

At the current market cap of $16.03 billion, ADA was priced at $0.4488, representing a daily decline of 1.03% and a weekly dip of 2.46%. The Crypto Basic reported yesterday that Cardano’s current support level was around $0.427, with the coin set for a potential rally to $0.60. 

Changelly Experts See ADA Hitting $500 By 2050 

A potential rise to $0.60 is one of the most conservative price predictions ADA has seen in recent times. Multiple analysts have forecasted that ADA could surge to $27 in the current market cycle. 

Notably, some entities expect ADA to reach loftier targets several years from now. In particular, analysts at crypto trading platform Changelly predict that the price of ADA could hit $500 by April 2050, 26 years from now. 

Hitting the $500 target requires ADA to surge 111,308% from its current price of $0.4488. While Changelly expects ADA to reach the ambitious $500 price target in the next 26 years, it could achieve the feat sooner if its price doubles monthly, starting this month. 

Potential Timeline to Hit $500 If ADA Price Doubles Monthly 

The Crypto Basic conducted a hypothetical analysis to ascertain how long it would take Cardano to hit $500 if its price doubles in value every month. Based on our analysis, if ADA sustains this trend, it could reach $500 in less than a year.

At the current price of $0.4484, ADA would soar to $0.8968 by the end of June 2024 if its price doubles in value by month’s end. By July, ADA’s price would double to $1.7936 if it follows the same trend. 

Continuing this pattern, the price of ADA in August, September, October, and November 2024 will be around $3.5872, $7.1744, $14.3488, and $28.6976, respectively. By December 2024, Cardano would increase to $57.3952 should it continue with this trend. 

Under this hypothetical scenario, the price will hit triple digits starting in January 2025. If Cardano continues to double in value, it will change hands at $114.7904 in the first month of 2025. Afterward, the token would trade at $229.5808 in February 2025 and $459.1616 by March 2025. 

ADA’s price would surpass the $500 target by April 2025 and eventually hit a figure of $918.3232 that same month if the trend continues. 

Essentially, it would take Cardano over ten months to reach the ambitious target of $500 if its price doubles in value every month. 

A Word of Caution 

Notably, this is only a hypothetical scenario and does not guarantee that ADA would achieve the ambitious $500 price target by April 2025 or within the 2050 timeline projected by Changelly experts. 

To stand a chance to hit the $500 target, Cardano would need to witness widespread and unparalleled adoption from retail, whale, and institutional investors, alongside increased developmental activities. 

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