Major Cardano (ADA) Development, Shiba Inu (SHIB) Improvements, and More: Bits Recap August 22

TL;DR

• ADA’s price has increased by 9% ahead of the upcoming Chang Hard Fork upgrade set for August 27.
• Shiba Inu has gained additional support from Kraken, which added SHIB/EUR to its margin trading program.
• Bitcoin’s price has been volatile, hovering between $57,000 and $61,500, currently trading at approximately $60,800.

Cardano’s Upcoming Update

Cardano’s ADA has performed quite well in the past several days, witnessing a weekly price increase of about 9%. It currently trades at around $0.36, with a market capitalization of over $13 billion, making it the 12th biggest cryptocurrency.

ADA’s uptrend could be attributed to a significant Cardano development scheduled for next week. As CryptoPotato reported, the Chang Hard Fork upgrade should go live on the mainnet on August 27. The final go/no-go decision is set for August 23. 

According to the official announcement, the next appropriate window for the upgrade is September 3. However, the indications suggest that the end of August is “viable,” and that is what the team is working towards. 

The Chang Hard Fork is a significant upgrade in the Cardano blockchain, marking the beginning of the Voltaire era, which focuses on full decentralization. The development is associated with a major transition towards community-driven governance within the ecosystem, enhanced transparency, and additional security.

SHIB Receives Further Support 

The popular meme coin is also in the green on a 7-day basis, albeit charting lesser gains than ADA. The main development surrounding SHIB lately is the additional support announced by the US-based crypto exchange Kraken.

The company added several trading pairs to its margin program, including SHIB/EUR. Margin trading offers the potential for higher profits but is also linked to an increased risk of liquidation. 

The option allows users to employ loaned funds in leveraged trades. To do so, they must provide collateral, which can be digital assets.

Other well-known companies which recently extended their support for the meme coin include Robinhood and Coinbase. The former enabled SHIB trading services for New York state residences, while the latter included 1000SHIB-PERP perpetual futures contracts.

What About BTC?

The past several days have been turbulent for the primary cryptocurrency, which traded between $57,000 and $61,500. Currently, BTC is closer to the upper zone, hovering around $60,800.

The most recent uptrend could be linked to a major potential announcement related to the US presidential elections. According to some reports, independent candidate Robert F. Kennedy may exit the race soon and is expected to endorse Republican nominee Donald Trump.

The latter has described himself as the right choice for pro-crypto voters, promising to let BTC thrive should he enter the White House as a winner. This has caused numerous industry participants to speculate that his eventual victory could be interpreted as a bullish factor for Bitcoin’s price.

Latest figures show that Trump currently has the upper hand in the battle, collecting 53% of the total votes versus 46% for his main opponent, Kamala Harris.