By Solomon Odunayo
The CEO and co-founder of Messari, Ryan Selkis recently stated that Cardano (ADA), the 6th largest cryptocurrency by market capitalization has plenty of room to grow in terms of price.
He said the recent price increase experienced by the digital token ADA is a proof that traders can still stake ADA in preparation for the upgrade to Shelley.
Cardano (ADA) Surged To Become 6th largest Digital Currency
A few days ago, Cardano (ADA) made a notable surge to occupy the 6th position in the cryptocurrency market. This makes the co-founder of Messari, Ryan Selkis to believe that traders can still buy and stake more of the digital token.
In his recent newsletter, Selkis stated that lower staking rates for ADA could mean a higher reward payout for investors who are wondering if they are late to the party.
He further added that one of the motivations behind ADA’s 85% surge as of 8th June 2020 is Shelley, the coming hard fork meant to upgrade the Cardano network.
The newsletter reads in part:
“The potential discrepancy between staked and un-staked ADA however, could bode well for bulls even after Shelley goes live. While the initial staking percentage won’t be known until after launch, Cardano’s incentivized testnet saw participation from ~40% of the reported supply. If this carries over to mainnet, Cardano’s staking rates will be significantly lower than other large-cap networks like Tezos (80%) and Cosmos (71%).”
According to Ryan Selkis, the digital token ADA still has plenty of room to grow as investors look forward to lower staking rates to buy and stake on crypto exchanges.
Could Coinbase List Cardano (ADA) Soon?
During the 2020 Shelley Virtual Summit, it was announced that ADA holders will be able to stake their assets in Coinbase custody by the Q4 of 2020.
This new development alone has raised the hope of the Cardano community regarding when the top exchange will finally list ADA on its trading platform. At the time of filing this report, ADA is trading at $0.132660, with about 7% price upsurge in the last 24 hours.