HomeNewsGhostchain No More: Cardano's Charles Hoskinson Celebrates Network's Busy Blocks

Ghostchain No More: Cardano’s Charles Hoskinson Celebrates Network’s Busy Blocks

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  • Cardano’s significant activity spike defies its previous ‘ghostchain’ label.
  • Charles Hoskinson emphasizes the network’s preparedness for high load and potential for future scalability.

In a remarkable shift from its once-dubbed ‘ghostchain’ status, Cardano (ADA) has been making waves in the crypto community, with its network experiencing unprecedented levels of activity. This surge in activity not only signifies a bullish trend for the ADA price but also marks a critical turning point in the narrative surrounding the blockchain.

Charles Hoskinson’s Perspective

The recent developments have not gone unnoticed by Cardano’s founder, Charles Hoskinson. In a candid tweet, Hoskinson expressed his delight over the network’s bustling blocks, reminiscing about the times when Cardano was criticized for lacking utility and use. His tweet read:

Hoskinson proudly noted that this success was achieved without the backing of venture capitalists, crypto media, or influencers, attributing it to organic community growth and engagement, much like Bitcoin’s rise.

Recent Price Movements

The recent bullish behavior of Cardano is not in isolation. Mirroring trends seen in other major Layer-1 blockchains like Solana (SOL) and Avalanche (AVAX), ADA’s price spiked significantly, reaching a peak increase of approximately 50% over the past week.

This uptick in value, the highest since May 2022, led to a temporary profit-taking, resulting in a slight drop in ADA’s price. Interestingly, this surge coincided with the US Dollar Index’s (DXY) weakness following the Federal Reserve Bank’s decision on interest rates, highlighting a broader market response.

Cardano’s Future Trajectory

Looking forward, the question of Cardano’s potential in both the short and medium term remains. As the network continues to show signs of robust activity and engagement, investors and enthusiasts alike are closely watching the ADA price and the relevant market levels.

With a strong community and a network designed to handle high loads, Cardano seems poised to leave its ‘ghostchain’ days far behind, paving the way for new heights in the ever-evolving world of cryptocurrencies.

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John Kiguru
John Kiguru
John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@ethnews.com Phone: +49 160 92211628