The cryptocurrency community is predicting that the price of Cardano’s native token $Ada is going to surge by over 56% to end the month of August up $0.264 from its current price, meaning it will be trading at $0.73 if the prediction is correct.
According to the cryptocurrency community, as Finbold reported, which estimated ADA’s price by August 31 via CoinMarketCap’s ‘Price Estimate’ feature, the cryptocurrency is expected to move up significantly next month, presumably partly because of the Vasil hard fork.
The Vasil hard fork is a major upgrade that will involve four Cardano Improvement Proposals (CIPs). It was expected to be implemented in late June, but was delayed because of Terra’s collapse, as the team behind it wanted to exercise caution before shipping out the upgrade.
It’s worth noting that the community price estimate is based on the votes of the cryptocurrency community, and in no way guarantees any type of price movement. Instead, It reflects the community’s expectations.
Cardano creator Charles Hoskison has said the hard fork would deliver a “massive performance improvement,” and anticipation surrounding it likely led to the bullish price prediction, made through the average of 14,200 votes on the platform.
Notably, price estimates for $ADA by the end of the year suggest the cryptocurrency could be trading up just 1% from its current price of $0.466. It’s worth noting that the community’s price predictions have had an accuracy below 20% since April.
As CryptoGlobe reported, an artificial intelligence-based price prediction model suggested that the price of Cardano’s native token would surge to $2.9 by September, but it has since lowered its prediction to $2.63.
Earlier this month, a panel of cryptocurrency industry experts predicted that the price of Cardano will explode to $2.93 by 2025, and to $6.53 by 2030, although experts believe that by the end of the year, the cryptocurrency will trade at just $0.63.
Cardano has, moreover, recently become one of the top 10 holdings of whales on the BNB Chain (which was formerly known as the Binance Smart Chain) as investors are betting on ADA ahead of the hard fork.
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