Cardano, a non-profit organization supporting the blockchain of the same name, reports significant budget increases for 2024 and rising ADA token prices.
Increase in Cardano's 2024 Budget
Cardano Foundation announced a distribution of $22.1 million in 2023, representing a 15% increase from the previous year. More than half of this budget, $15 million, is directed towards adoption efforts. Partners include organizations such as NASA, FC Barcelona, and the UNDP.
ADA Price Surge Amid Bullish Trend
At the time of reporting, Cardano (ADA) was priced at $0.72, with a 24-hour trading volume of $1.5 billion. The token has risen 23% over the past week due to increasing investor interest. Analysts highlight a 40% chance of a bullish reversal, with a key resistance level at $0.86.
Whale Investments in ADA
Recent reports indicate that large investors holding between one and ten million ADA accumulated 120 million tokens over the past two weeks. With growing anticipation for a potential ADA ETF in the U.S., approval odds are reported to have risen from 56% to 89%.
The budget increase and growing investments in Cardano reflect rising interest in the platform. Market events, such as the potential ETF approval, may also influence further ADA price movements.
