Why has the Cardano price increased by 11% in the past week?

Cardano’s price has skyrocketed by 11 percent in a week. The price hike came after founder Charles Hoskinson confirmed that September 22 will be the official date for the Vasil hardfork.

The important Vasil hard fork

Cardano founder Charles Hoskinson said last Friday that the Vasil hard fork is finally arriving and will take place on September 22. The long-awaited Vasil hardfork has already been delayed twice, first in June and then at the end of July. IOHK and developers now expect a smooth network transition after thorough testing.

Charles Hoskinson had previously hinted that the Vasil hardfork will most likely be installed on the Cardano mainnet by the end of September. The final date could now be announced, as the final required node upgrades have also been approved after extensive testing. In order to use the new hard fork, the exchanges must also implement this node upgrade on their platform.

DApps and crypto exchanges are getting ready

The largest crypto exchanges in the world, including Binance, MEXC and Bitrue, also say they are ready for the hard fork. Meanwhile, Upbit, Coinbase, WhiteBit, BKEX and HitBTC are still working and XT.com, AAX, ChangellyPRO and ZB.com have not yet started installing the node upgrade.

In addition to the crypto exchanges, DApps are also busy preparing for the hard fork. These include Minswap, Lending Pond, Aada and DQuadrant. Both exchanges and DApps have announced that they will finish upgrading and testing before the expected date of September 22. Charles Hoskinson shared his thoughts on the hard fork in a live stream from last Friday.

“What’s great about the date is that it happens to fall on the same day as Bulgaria’s Independence Day,” Hoskinson said. Hoskinson says so, because the Vasil hard fork is named after a Bulgarian community member who recently passed away.

-Charles Hoskinson

Cardano price rises and whales become active

As we mentioned, the ADA price is up 11 percent in the past week, but that’s not the only stat that is rising. Cardano is also witnessing increasing whale activity after Robinhood added the token to its platform on September 1. This in combination with the newly confirmed Vasil hardfork date will explain the increased activity.

Cardano Community sentiment is also positive ahead of the Vasil hard fork. The popular Cardano whale “ADA Whale” shared the optimistic sentiment about Cardano in a tweet.

“Cardano is the first protocol since Ethereum to roll out a DeFi ecosystem. It’s secure, decentralized, has a strong community, and soon has a chance to succeed and rival or surpass like Compound (Liqwid), AAVE (AADA) and Curve/Maker (Ardana) + many more.”