Cardano founder Charles Hoskinson has reacted to the recent disclosure that the value of the Cardano Treasury could soar to $4.5 billion if ADA collects its ATH at $3.
Known for his reactions to community updates on X, Hoskinson expressed visible elation regarding the substantial growth trajectory observed within the Cardano ecosystem during the current market cycle.
Most recently, Cardano founder commented on the Cardano Treasury growth disclosure and reacted to the Nyan Cat Rainbow GIF, a popular meme of a pixel art cat with the body of a Pop-Tart flying through space.
https://t.co/dwLZ3aqjok pic.twitter.com/FTPgSgq3Xa
— Charles Hoskinson (@IOHK_Charles) February 17, 2024
Charles Hoskinson’s comments follow an update from PRIDE, a prominent Cardano stake pool operator. Citing on-chain data, the official PRIDE
For beginners, Cardano Treasury is a pool of funds within the Cardano blockchain dedicated to supporting the development and growth of the ecosystem by funding growth initiatives.
The treasury includes ADA, which is derived from transaction fees and a portion of block rewards. In particular, the Cardano community will be able to propose and vote on projects that receive funding from the Treasury, enabling decentralized decision-making in the Cardano ecosystem.
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If ADA reaches $3, Cardano treasury could reach $4.5 billion
Since the Treasury owns the ADA token, the value of its assets typically spikes when ADA registers a price increase.For example, when cardano When it hit an all-time high above $3 in September 2021, the value of the Treasury soared to $1.745 billion, despite only holding 587.8 million ADA at Epoch 287.
Tokens held in the Treasury increased from here, but due to the ADA price slump, the value of these tokens collapsed from September 2021 onwards. At the time of writing, Cardano’s treasury currently holds 1.48 billion ADA. The ecosystem is seeing an increase in fees and rewards being collected.
Nevertheless, these 1.48 billion ADA tokens are only worth $930 million compared to ADA’s current price of $0.6289. The PRIDE team highlighted that if Cardano recovers to its all-time high above $3, the value of these tokens could jump to around $4.5 billion.
Information disclosure from PRIDE is conclusion The voting percentage for Cardano’s Catalyst Fund 11 initiative recorded 300,000 individual votes from 8,000 wallets. The community voted to fund 300 more projects within the Cardano ecosystem.
After the governance vote ends, the total number of Cardano Catalyst-funded projects will increase to 1,647. Funding for the Catalyst project will come from the Treasury, but funding will skyrocket once the ADA reaches $3.
Market participants believe that the recovery of $3 ATH due to ADA is only a matter of time, not feasibility.Analyst Dan Gambardello recently predicted ADA stated that Bitcoin (BTC) will only regain its $1 price after halving in April. Furthermore, veteran trader Ali Martinez said, ADA expected to reach $8 If we repeat the run in 2021.
Meanwhile, as of this writing, Cardano has broken through the psychological price level of $0.62 and its current value is $0.6289, representing a 16% increase over the past 7 days. However, CoinMarketCap data confirms that the 24-hour trading volume decreased to $595,011,625 ($595 million).
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