The Price of ADA
$ADA is currently sitting at $0.29 at time of writing, but with all the news and development going on with Cardano, could we see a price surge over the next few weeks?
What’s Going On?
As you may, or may not know we’re expecting the release of DJED and USDA in January 2023. These releases have been delayed a few times already so don’t hold your breath, but following on from the Cardano summit back in September announcements we’re made for this time period, so fingers crossed.
The impact this will have on Cardano is potential investment into these stable coins. In particular DJED, which is backed by ADA and SHEN. As it stands, the white paper suggests that for every 1 DJED it will be backed by 8 ADA.
Can this create a drop in circulation and increase buying pressure?
It looks like the bottom is in, or at least near. We’ve started to see the price start to flatten out over the last month and with the news arriving at the beginning of 2023 this could cause a price increase.
Will It Be A Short Spike Or Will The Markets Start To Recover?
This is a difficult one to predict, there is still a lot of negativity in the market at the moment. If the price were to rise to around $1 with the markets as they are I would expect to see a decline shortly after, maybe to around the $0.50 mark as it previously held there for much of the year.