- Ben Armstrong predicted in a YouTube video that ADA’s price could explode soon.
- Armstrong believes the hype surrounding rumors of a DUST airdrop could increase the price of ADA.
- At press time, ADA was worth $0.3811 after its price managed to climb by 2+% in the past day of trading.
Cryptocurrency analyst and YouTuber Ben Armstrong shared in one of his latest videos that he believes Cardano (ADA) could experience a price explosion soon. Armstrong pointed out that the Midnight Network devnet could be one of the catalysts inducing a jump in ADA’s price.
The announcement of the new Midnight sidechain is considered by many to signify the beginning of a fresh era for the Cardano ecosystem. The Midnight Network has a very strong focus on privacy, and the release of the devnet underscores Input Output Global’s (IOG) new goal of improving data privacy in the blockchain technology industry.
Although Armstrong believes Midnight’s privacy-centered approach will be very attractive to traders, he anticipates the new DUST token introduced in conjunction with the Midnight blockchain will attract the most attention. There have already been rumors of a possible DUST airdrop circulating within the cryptocurrency community.
Armstrong highlighted that following new token launches and airdrops, individuals usually start working really hard to earn some of the airdropped tokens. This could be through using the network, being a test user, helping with transactions, and making purchases.
The analyst’s theory is that not only will this have a positive effect on the price of the airdropped token, DUST, but it could also push up the price of the underlying token. In this case, the underlying token is ADA.
There might be some merit to Armstrong’s theory as ADA’s price was able to climb by over 2% in the past 24 hours of trading. This meant that the altcoin was trading at $0.3811 after it was able to set a daily high price of $0.3871, according to CoinMarketCap.
ADA’s 24-hour trading volume did, however, drop to around $280,639,090 at press time after it suffered a 36% knock. The token’s weekly performance will also still have to recover by about 0.66% to get back into the green zone.
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