In the early hours of May 14, Cardano founder Charles Hoskinson told informed the community that the Vasil Hard Fork is on track. It would be implemented on June 29, he said.

With the Vasil Hard Fork, major updates will be implemented on the Cardano blockchain and its smart contract platform, Plutus.

Talking about the Vasil Hard Fork in his Mid-month development update, IOHK noted that it is preparing for a closed public testing phase for the Vasil Hard Fork network. It was further revealed that the testing will also take place in conjunction with Dapps to test their applications on the network’s testnet and mainnet.

IOHK also stated that after this phase, access will be given to exchanges to test all the integrations needed to run the Cardano blockchain. By the end of May 2022, it should be able to harden the Cardano tests.

In light of these announcements and upcoming updates, let’s take a look at how ADA fares on the price charts.

Not bad?

ADA, which was valued at $0.53 at the time of going to press, was up just 1% in 24 hours. In comparison, the crypto has fallen by 29% in the past 7 days. With the cryptocurrency market starting to “cure” thanks to the many upcoming Cardano updates, ADA’s recovery is expected to be swift.

In fact, the market cap only decreased by 0.05%. It further peaked at $18.20 billion after Hoskinson’s confirmation of June 29 as a date for Vasil. At the time of writing, its market cap was $18.03 billion – down just 0.9% from a high of $18.20 billion in the past 24 hours.

Okay, the volume is low

It is worth noting that the confirmation of a network update date had no significant impact on transaction volume. With a transaction volume of 1.19 billion on May 14, this was a decrease of 38% from the 1.94 billion recorded on May 13.

Source: Santiment

But wait, the whales are up

Despite there being no significant difference in market cap, data from Santiment underlined an increase in whale activity after the update.

As of May 14, for trades over $100k, a total of 238 trades were completed – a 3% spike from the 230 trades recorded on May 13.

Similarly, for transactions over $1 million, a total of 238 transactions were completed — a 2% increase from the 232 recorded on May 13.

Source: Santiment

The loss of one can be the gain of the other

ADA is currently ranked 7th by market cap on the charts, just below XRP. However, with the ongoing case against Ripple and its effect on the price of XRP, ADA could outpace XRP for the foreseeable future.

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