Cardano (ADA) is currently trading around $0.208, which is about 53% up from its low this year. However, despite the price remaining stagnant, several important developments have taken place on the network.
Hydra 2.4.1 Upgrade: Cardano recently launched this security-focused upgrade, fixing a bug that could have allowed a malicious actor to steal funds from the network.
Plu-ts Release: The first stable release of Plu-ts has arrived, offering a tool that simplifies app development for developers.
Record Stablecoin Supply: Cardano's stablecoin supply has reached a record $68.2 million, up significantly from $36 million at the start of the year. However, this remains a tiny fraction compared to the overall stablecoin market (which exceeds $320 billion).
Despite these updates, the reality is that Cardano's Total Value Locked (TVL) has dropped to just $54 million—its lowest since 2023 and a far cry from its peak of $700 million. As a result, many still view Cardano as a relatively "ghost chain."
The chart, however, displays a promising pattern: the 50-day and 100-day EMAs are close to crossing, creating a "mini golden cross" that could signal a potential upward breakout.
Do you think security upgrades and stablecoin growth can make Cardano relevant again? Let us know in the comments! 👇
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