Cardano’s $ADA rallied 100% in 24 hours following news that the network’s boss, Charles Hoskinson, will be helping Donald Trump’s administration develop crypto legislation.
In a podcast over the weekend, Hoskinson said he will be “working with lawmakers in Washington DC to help foster and facilitate with other key leaders in the industry with the crypto policy.”
The founder elaborated that this will be done by establishing an office in Washington for Cardano development lab Input Output to support bipartisan policy development.
Cardano’s $ADA rallied sharply on the news, adding as much as 100% in the space of 24 hours.
At the time of writing, Cardano is 80% higher than it was this time yesterday as it trades at $0.5967.
These gains far outpace the market leaders.
Original cryptocurrency Bitcoin ($BTC) only added 3% but managed to hit a new all-time high of $82,379.60 in the early hours UTC, while Ethereum ($ETH), Cardano’s biggest rival in terms of functionality, actually dropped 0.4%.
ADA Price Analysis: Will Cardano ($ADA) Rally Higher?
Cardano is emerging as one of Ethereum’s biggest contenders, with an overnight surge pushing the token to a seven-month high and bringing it within reach of a one-year high at $0.775.
While the weekend buying spree has eased slightly, Cardano still advanced 0.8% in the last hour.
Its relative strength index (RSI) sits at 58, suggesting some traders are taking profits.
However, with such strong momentum, Cardano is well-positioned to potentially hit $1 by the end of the month.
Source: TradingViewFreeDum Fighters: More Rewarding And Exciting Than Hoskinson’s Cardano.
Cardano’s rapid rally today highlights how responsive even large cap crypto tokens can be to favourable news events. However, this is not common and Cardano’s price typically moves alongside Bitcoin’s, like the rest of the market.
Those looking to diversify their portfolios with newly launched tokens that have potentially eye-watering returns should consider allocating some funds toward crypto presales.
One new meme coin presale that is rewarding political fans lucratively now is Freedum Fighters ($DUM).
The project earns the title as the most thoughtful crypto parody of this year’s US presidential election.
Investors would agree, it seems; the team raised over $250,000 within four days of the ICO launching back in mid-October! Total funds raised are now pushing half a million.
Freedum Fighters features two sci-fi mech-type characters battling for supremacy: MAGATRON and Kamacop 9000, nods not only to certain recent US Presidential candidates, but also to Transformers and Robocop.
By staking $DUM, investors can essentially vote on their mechatronic President parody of choice or play both sides, with opportunities to earn more $DUM rewards by engaging in weekly political debates.
If MAGATRON is in the lead, the Kamacop pool will offer higher rewards, providing consistent gains, even amidst recent volatility.
Currently, MAGATRON stands at an 66% lead with an appealing 268% APY. Meanwhile, the underdog Kamacop reaps a lucrative 689% APY, presenting one of the biggest passive income opportunities right now.
There will also be an airdrop later, distributing $DUM according to the points earned over the presale period.
Jacob Crypto Bury, the well-known YouTube crypto influencer, recently called FreeDum Fighters a 10X opportunity.
Join the fight on X and Telegram and stay up to date on the latest announcements.
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