As the smart contract feature gets closer, cardanolocal presence of ISLANDThe upward movement gained momentum.
IOG CEO and Cardano founder Charles Hoskinson took to Twitter to remind the community that the Alonzo hard fork will be released on Sunday. This development will enable users to start building smart contracts on the largest Proof-of-Stake blockchain.
However, on-chain data provider Santiment warned that the price could drop sharply again if the ADA community becomes “overly excited or fearful.”
📈 #Cardano jumped a quick 12.5% in the past 15 hours following last week’s #FUD toward the #3 market cap #crypto project. Social spikes continue to tell the story. When the $ADA crowd gets overly hyped or fearful, the price trend will typically shut down. https://t.co/9p6Lc0qNox pic.twitter.com/OIGlCyENqv
— Santiment (@santimentfeed) September 11, 2021
On September 9, ADA, along with other cryptocurrencies, fell sharply from $2.9 to $2.16 and then $2.21, respectively. In a recent livestream, Hoskinson pointed out that the ADA price drop is due to the Bitcoin correction, not the recent FUD regarding the technical issues faced by the decentralized exchange Minswap launched on Cardano.
“The price of everything in the market has fallen. There was no case where the others were on the rise and the ADA was on the decline.”
Finally, ADA is currently trading at $2.63, gaining over 8 percent daily.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.