Cardano’s native cryptocurrency, ADA was trading at $0.9203 at the time of writing and is currently the fourth-largest cryptocurrency by market cap.
For a token that surged by over 400% since the beginning of the year, questions arose as to what exactly caused the sudden surge in its price.
According to Cardano Founder Charles Hoskinson, the fundamental value of the project has always been evident. Hoskinson in a recent interview with Crypto Banter, noted,
“I have a hundred plus commercial projects in the pipeline that want to either migrate or build something on Cardano”,
A recent development on this front included SingularityNET announcing that it would create a billion new AGI tokens on the Cardano blockchain.
According to IOHK, this will be the first major token release on the Cardano Native Assets platform and is “the largest democratic exercise in the history of decentralized AI”
These interested parties aren’t limited to DeFi protocols and crypto projects exclusively, as Hoskinson also went on to state,
“We have Fortune 500 interest and we have government interest”
The Cardano Founder was presumably referring to Cardano’s recent deal with an African government. Earlier this week, the Director of African Operations at IOHK, John O’Connor, announced that Cardano is about to secure a contract with the Ethiopian government in Africa.
While further details on the status of the project remained undisclosed, the project is anticipated to see millions of users onboarded into the Cardano ecosystem for real-world use.
Despite the $1 price mark for ADA approaching, the cryptocurrency is still yet to be listed on exchanges like Coinbase and Gemini. It is also not presently supported by PayPal or included in Bitwise’s Crypto Index.