By Nermeen Nabil Khear 
Did you know Cardano’s native token $ADA did a 1285x from its ICO to its all-time high? And once again, Cardano and its $ADA token have risen from the dead! After almost a year going sideways in the 30 to 40 cents price range, it’s now up to $1. In early December, it even hit the $1.30 mark. Still not near its $3.09 ATH, but well on the way. There are lots of positive things happening with Cardano at the moment. Its CEO, Charles Hoskinson, is being considered for a US government role. Cardano itself may also play a role in the US voting system. That’s some big news, right there.
So, I’m going to take a closer look at how much $ADA it takes to become a millionaire. Especially, considering the current $ADA price action. Around a year ago, I already shared some love with the Cardano community. I discussed the same question. Check the video here. So, that gives me the opportunity to see what has changed in the meantime.
Cardano’s History and Latest Developments
Let’s first take a look at Cardano and some of its history and new developments. That gives a bit more perspective. After that, I tell you how many $ADA you need to become a millionaire.
Cardano has been around since 2017. However, they are slow builders, but that has a reason. Before any upgrade sees the light of day, it goes through rigorous academic screening.
Cardano’s long-term focus is on sustainable scalability and security. Their approach is scientific. This also sets them apart from other projects.
Nonetheless, the team has always been building. Recent upgrades saw, for example, the Voltaire upgrade. That introduced a DAO and makes the platform more decentralized. There was also Hydra, a scaling solution.
BREAKING: 1,000,000 TPS achieved on hydra!
Cardano is just getting started! pic.twitter.com/JlCNHFpP8C
— Dan Gambardello (@cryptorecruitr) December 4, 2024
Cardano is spearheaded by Charles Hoskinson. He’s known for his controversial opinions. However, he’s also one of the original Ethereum founders. So, he’s got the right credentials.
Nonetheless, it’s interesting to see a change in his approach to other chains. Before he liked to stir things up, he’s looking more often for cooperation nowadays.
For example, a famous quote by him is ‘that the industry doesn’t need Bitcoin anymore’. “I just don’t see how that survives. It’s a religion, it’s not an ecosystem. So no, we don’t necessarily need Bitcoin.”
NEW:
Charles Hoskinson, founder of Cardano, says that the crypto industry doesn’t need Bitcoin anymore. It’s nice to have, but “I just don’t see how it survives. It’s a religion, not an ecosystem.” pic.twitter.com/6OvIR0jpVJ
— DΛVID (@DavidShares) September 1, 2024
From that to now where Cardano is becoming a Bitcoin layer. How the times are’a changing. Not too long ago, he even showed some love for Sui. This is a very positive development.
Cardano is becoming a Bitcoin layer.
Listen to BOS co-founder @EdanYago explain the magnitude of this moment.
“We are looking at an entirely new phase for Bitcoin, Cardano, crypto, and finance.” pic.twitter.com/6JFEEdht8D
— BitcoinOS (@BTC_OS) October 24, 2024
The New Trump Administration
The new Trump administration is also eyeing Cardano and Hoskinson. Trump is considering a blockchain-based Federal voting system. Cardano and Hedera ($HBAR) are currently in pole position for this.
Hoskinson himself is in talks with Trump. An advisory position in the new government for him is on the table. So, providing this all goes ahead, Cardano’s future looks very bright.
And there’s much more going on. The Cardano ETF rumor mill is working overtime. On top of that, Cardano’s TVL also saw a serious increase. It went from $198 million to $695 million in one month time. The Cardano DeFi sector also fares well.
So, in a nutshell, there are plenty of positive developments happening with Cardano. The current price development seems rather be the start than the end.
TA (Technical Analysis)
So, let’s look at the Cardano chart. $ADA had its low point some 4 years ago, at 2 cents. What a time to buy it, right? So, I don’t expect $ADA to go back there. However, a more recent support level is the 33-cent range. On 5th November, $ADA left this support and hasn’t looked back since.
The current $ADA price is $1.02. Its current resistance point is at $1.30. It reached that on 3rd December. Once the current dip passes, $ADA’s next goal is to slowly creep up to its ATH of $3.09. This dates to 2nd September 2021.
Although it’s still 67% away from this, I can see this target soon coming closer. Not this year, but in 2025, new ATHs should be possible for Cardano.
Once it reaches that current ATH, it’s unchartered territory from there. All new discovery.
And yes, there will be some pullbacks along the way. However, I see them as healthy corrections. The market needs them, including in this bull run. How far up Cardano will go is something I’m going to discuss next.
How Much $ADA to Become a Millionaire?
There are plenty of bullish arguments that speak in favor of Cardano. Especially, Hoskinson’s role in the new, incoming Trump government fuels excitement. Plus, the potential use of the Cardano blockchain in the Federal voting process.
Then we have the recent updates, like,
- The Voltaire upgrade, which brings decentralization to Cardano.
- And Hydra, the scaling solution.
As #Cardano enters the age of Voltaire, CIP-1694 will define the mechanisms of the blockchain’s on-chain governance. And the community is key, exploring the CIP-1694 proposal in workshops across the globe.
Find out more: https://t.co/CjlhbdLTLs pic.twitter.com/CSJIZO2S38
— Input Output (@InputOutputHK) June 30, 2023
They both add to the bullish arguments. But where does that leave us for how much $ADA you need to become a millionaire? Let’s take a look.
With the current price of $1, it’s easy, you need 1 million $ADA to be a millionaire.
Now, if we look at the ATH of $3.09, you will need 330,000 $ADA.
Let’s move along, and take a look at a $10 price tag for $ADA. This means that you need $ADA 100,000 tokens.
But what if $ADA goes to $15? This will set you back 66,666 $ADA. And 66,666 $ADA today costs you $72,000. So maybe $72,000 gets you access to $1 million someday……
So, what is your prediction for $ADA during this bull cycle? Do you see $15 as a realistic target? What is your $ADA price prediction?
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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