Last updated:
Author
Simon Chandler
Author
Simon Chandler
Share
Why Trust Cryptonews
The price of Cardano has jumped by 3.5% in the past 24 hours, with its move to $0.3591 coming as the cryptocurrency market gains by 1.5% today.
ADA is now up by 1% in a week and 12% in a fortnight, with this week also bringing the news that Cardano founder Charles Hoskinson will be speaking at a tech conference in Argentina in October.
Also speaking at the event will be Argentina’s President, Javier Milei, with Hoskinson revealing that he expects to speak directly with Milei on the subject of how cryptocurrencies and blockchain technology could transform the global economic and political landscape.
While this offers no indication that the Argentinian government could directly adopt Cardano in any capacity, the event comes at a time when Cardano has been signing deals with provinces in the country, raising its status as a layer-one blockchain with strong fundamentals.
Cardano Founder to Meet Argentina President – Could ADA Become Argentina’s Official Currency?
Officially, the only announcement we have related to Milei and Hosksinson is that both will be attending the Tech Forum Argentina event on October 19.
Milei will be the main speaker at the event, while Hoskinson will be a keynote speaker.
The event itself has released no specific details beyond this, although Hoskinson has told Cointelegraph that he’s “going to meet him probably on the 19th.”
This isn’t particularly convincing, although the fact that Cardano has signed partnerships with provinces in Argentina raises the credibility of suggestions that it could deepen its ties with the South American nation.
This would be massive for the Cardano price if we see real adoption in Argentina, although such adoption may not materialize for a while yet.
For now, ADA is in a good place today, with its 30-period moving average (orange) having risen above the 200-period average (blue) yesterday, forming a golden cross.
This is a sign of a breakout, with ADA’s relative strength index (purple) remaining around 70, providing another sign of strong momentum.
Cardano’s trading volume has also elevated in the past couple of days, from $200 million at the start of the week to $400 million today.
This is still relatively modest compared to volumes in March and last November (of well over $1 billion), but it at least shows that the market is pickup up again.
And with this week’s rate cut heightening investor appetite, we could see the Cardano price reach $0.5 by November.
New Meme Tokens with Strong Fundamentals
While ADA is unlikely to become the official currency of Argentina anytime soon, it should continue to see steady growth over the next few months and years.
That said, such growth may be too modest for some traders, who may therefore prefer to look towards newer alts with more short-term potential.
One token that has a good chance of doing this is Crypto All-Stars (STARS), a new Ethereum-based token that has raised more than $1.4 million in its ongoing presale.
Crypto All-Stars has enticed investors with its outline of its ‘MemeVault’, a protocol that enables holders of any meme token to stake their coins.
The MemeVault works via its use of the ERC-1155 multi-token standard, which can even tokenize coins on other blockchains.
Crypto All-Stars will, therefore, reach many, many more potential investors than it would have as a standard meme token.
But what’s exciting about the crypto is that users who stake meme coins with its protocol will receive more rewards if they hold more STARS tokens.
This will provide a much greater incentive to buy and keep STARS tokens, pushing up the latter’s price over time.
STARS comes with a max supply of 42.069 billion, with its current sale price being $0.0014535.
This price will rise in just under two days, although investors can make sure they get some at its current price by going to the official Crypto All-Stars website now.
Given its already successful raise, STARS could easily surge once it lists in the next couple of months.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
