Cardano (ADA) Regains Top 10 Position in Market Cap Ahead of its Shelley Mainnet Release
The price of Cardano (ADA) has been surging in the past two months as stakeholders await the Shelley mainnet release. This upgrade will mark the biggest Cardano launch as its ecosystem migrates to a full open-source and decentralized network where anyone can stake.
Last week, Cardano founder, Charles Hoskinson highlighted that the roll-out is on course and scheduled for June 30 to July 7; the upgrade will, however, be available to everyone as of June 9.
“June 9, this is when it opens up to everybody. The next date we have for you is June 16, that's when we start putting things together end-to-end.”
A Boost to Cardano's Price?
Following the confirmation by Hoskinson on May 28, the ADA price has gained over 20% within the past three days to trade at $0.077 as per the current stats on Nomics. Notably, the coin has also regained its position as a top 10 coin in market cap after hitting the $2.4 billion mark; it displaced Tezos which held fort as the 10th cryptocurrency in capitalization. In a recent tweet, Hoskinson celebrated this milestone,
“Good to be back in the top ten”
While it may be too early to tell whether ADA will maintain this position, the Shelley mainnet has proven to be a fundamental factor behind its price surge. This upgrade has been in the works for over 2 years with its pioneer testnet launching back in April. The IOHK community led by Hoskinson are optimistic that ‘completely' solving the decentralization problem will position Cardano as the go-to blockchain network over time. Hoskinson has since echoed,
“Shelley-era functionality will deliver true decentralization through its advanced Ouroboros consensus algorithm and scientifically researched incentives scheme.”