Cardano (ADA), a blockchain platform that supports decentralised applications and smart contracts, has gained attention in the cryptocurrency market after
Charles Hoskinson, the founder of Cardano, urged the U.S.-based cryptocurrency exchange Gemini to list ADA. While many community members shared this view, others inquired about the price direction of the token.
ChatGPT predicts that on the 30th of September, the token will attain a price of $0.8. This means the asset, currently trading at $0.3569, reflecting a 1.14% increase in the past 24 hours will surge by 124% to meet this prediction.
Factors Influencing Prediction
When asked about the reasoning behind this prediction, ChatGPT noted several key factors, including Cardano’s robust fundamentals, ongoing technological developments, and growing adoption of its blockchain platform.
It further stated that as the asset continues to execute its roadmap—introducing features like Hydra for scalability and enhancing support for decentralised applications (dApps) and smart contracts—these advancements are expected to boost utility and demand for ADA, not just to attain the predicted price but for the long term.
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Refuting FUD About Cardano
Times Tabloid reported a recent controversy surrounding Cardano, which alleged that the only reason ADA maintains its high ranking is that its stakers cannot sell their tokens, as they are locked in staking.
Charles Hoskinson immediately condemned the misinformation about the project, stating that the tokens staked on the network are not locked. His continuous efforts to clear misconceptions and reassure investors may inspire confidence and drive price increases.
While this action might improve investor sentiment, it is difficult to determine whether this will affect the ADA price by September 30, 2024. However, Hoskinson’s consistent engagement with the community and public defence of the project may contribute to long-term market stability and confidence, which could support Cardano’s value in the future.
Conclusion
Apart from ChatGPT’s prediction of $0.8 by September 30th, the token still has growth potential. Ongoing developments, including recent pushback against the SEC’s allegations of offering unregistered securities, are crucial factors influencing its future trajectory. As the case unfolds, investors will closely monitor the token’s direction.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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