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6 June 2023
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Cardano Set to Open Shelley Testnet Today as Price Spikes by 60 Percent

It is an extremely important day for the 10th ranked Cardano. After days of anticipation and development over the last few years, Cardano Shelley’s testnet is about to go live, as the ADA phase will open to its stake pool operators on 9 June. Back in May, the test was only open to a specific group of people considered to be ‘Friends and Family,’ which included about 50 stake pool operators.

The announcement on Twitter was made by the Input-Output HK(IOHK) official page, where Tim Harrison, Marketing, and Communications Director of Cardano revealed the ecosystem plan to open its stake pool and preparing the mainnet staking and delegation for later this summer.

However, Harrison pointed out that the system is far from perfect, as though it will be a mirror representation of the Shelley manner, it is a testnet for a reason to identify other bugs and issues.

Cardano Price and Social Engagement

With a sense of excitement surrounding the Cardano space, the start of June has been extremely positive from a valuation perspective. Since May 28th, Cardano’s price has spiked by a massive 64.09 percent as the valuation stretched an uptrend from $0.055 to $0.090. The momentum might have slowed over the past two days at $0.09 but continued to consolidate right under at $0.085.

Other data sets also suggested that the recent announcement has spiked Cardano’s social engagement according to LunarCrush. The organization recorded over 1 million interactions for the 10th ranked digital assets across multiple social media platforms.

However, according to intotheblock’s analysis, the recent surge might have been due to the influence of large investors. Around $7 billion worth of digital asset, which is almost 3 times more than Cardano’s market cap was transacted by the large ADA holders on May 31st.

Although the volume of large transactions continued to taper off since the peak, these price of ADA remained at high levels, as mentioned above.

“Crypto is a political movement”

The ever-active founder of IOHK, Charles Hoskinson recently stated in his Live AMA that all the crypto-fueled disruptions that have been indicated which respect to monetary relations, with not arrive in the space with hiccups as the digital asset industry is slowly becoming involved in a political cobweb. On June 5th, Hoskinson said,

“Crypto is as political as it gets. We are going to re-invent the concept of money and take it out of the government’s hand and control int ourselves.”

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