Cardano (ADA) Up 30% Daily as Founder Charles Hoskinson Makes Big Announcement$ADA
Charles Hoskinson, founder of IOG, the entity behind Cardano, has returned from his recent absence on X with a notable announcement regarding his role in the Trump administration.
The native coin of the Cardano ecosystem immediately surged, recording gains of over 30% on the day. Currently, ADA is at a multi-month high of around $0.6.
Cardano recovered 6 months of losses in 5 days.
Crypto is a game of patience. pic.twitter.com/l1B1lUYbmU
— Dan Gambardello (@cryptorecruitr) November 10, 2024
Hoskinson had been taking a break from X in recent weeks but posted his first 40-minute video hours ago. Perhaps the most significant information to emerge from it concerns the incoming administration of President-elect Donald Trump.
The Ethereum co-founder said he will spend a lot of time in 2025 working with U.S. policymakers to create a more comprehensive and potentially favorable regulatory framework for the digital asset industry.
Crypto policy must be written by the American people, by the American crypto industry, and by well-meaning lawmakers who are willing to take the time to listen.
To be more effective, Hoskinson said the IOG will make some internal changes that will include moving personnel so they can have a dedicated office to help develop crypto legislation.
Cardano’s native token immediately reacted to the news, which quickly spread on X. ADA was trading at $0.44 earlier Sunday but within minutes had surged to nearly $0.6. Despite pulling back slightly since then, ADA is still up more than 30% on a daily basis and 70% higher compared to this time last week.
