Chart of the Day
Talk about (ADA)ptability. A ninefold gain this year has secured a seat among top cryptocurrencies for Cardano’s native token ADA, which is currently ranked the fifth-largest cryptocurrency by market value. Founded in 2017, Cardano is a Proof-of-Stake blockchain platform that offers greater environmental sustainability and lowers transaction fees. The price of ADA has surged more than 30% to $1.95 in the past few days in anticipation of the imminent Alonzo update, one of the most consequential upgrades for the PoS network. The upgrade will incorporate smart contracts and facilitate the introduction of DeFi. As of the time of writing, the price of ADA is experiencing a slight correction, as volume rockets upon growing anticipation and RSI crosses over to the overbought region. However, the 20- and 50-hourly moving averages will likely provide concrete support should the price falls back.
Talk of the Town
Penguins take flight. Yes, adorable penguin avatars are the latest hype in the NFT space. The project Pudgy Penguins is rapidly gaining traction on Twitter. This may seem like one of the typical cookie-cutter Ethereum-based NFT sets, a limited number of collectibles, each depicting a different penguin image assembled from a database of varying traits. However, the collection’s floor price today is nearly 2 ETH with average sales in the 3-4 ETH range. And guess what is its initial price? 0.03 ETH as the collection went on sale in late July.