Cardano (ADA) Price Remains Low Despite Vasil Hard Fork Enthusiasm, but Things Are Expected to Change Soon

Cardano iog

The upcoming Vasil hard fork has caused quite a stir. Members of the Cardano community are eagerly awaiting the upgraded launch, which is expected to bring significant network improvements.

Cardano will offer cheaper and faster transactions with the Vasil hard fork, attracting more developers to the network. Vasil’s release will also improve Cardano’s scaling and smart contract functionality.

Cardano founder Charles Hoskinson recently named Vasil as his most defining moment of 2022, even though the update has yet to be released on Cardano’s mainnet.

“It’s always difficult to define one key moment but the Vasil hard fork is pretty significant,” Hoskinson said.

Read also: Over 7 Million Merchants Can Accept Cardano Using ADA Pay’s New Plug-in

Although the upgrade was supposed to go live last month, Cardano’s developer, Input Output Global (IOG), pushed it back later this month.

The IOG team believes that the Vasil Hard Fork cannot afford to make the same mistakes as other blockchains, citing the Terra incident as an example.

Despite Vasil’s delay, the enthusiasm for the project has not waned. On the contrary, as the end of July 2022 approaches, Cardano enthusiasts are ecstatic because they anticipate one of the most significant network upgrades.

ADA Remains Low Despite Vasil Scandal

However, the excitement surrounding the Vasil upgrade is not reflected in the price of Cardano’s native cryptocurrency, ADA.

Related article: Cardano Smart Contracts Hits 2,900 Ahead of Vasil Hard Fork

Remember how the ADA price skyrocketed after the IOG announced the Vasil mainnet launch date? As the date approached, the rally was expected to continue. However, this has not been the case, as the value of ADA has remained relatively stable over the last seven days.

With Vasil set to launch later this month, ADA has maintained a low level of momentum, falling below $0.41 in the last 24 hours.

Although the value of ADA rose to nearly $0.44 earlier today, the cryptocurrency’s price movement remains below expectations.

As the Vasil Launch Date Approaches, the ADA Could Rally

Nonetheless, Vasil is two weeks away from its scheduled mainnet launch, and excitement is expected to grow during this time. As a result, the value of the cryptocurrency is expected to skyrocket in the coming days.

The anticipation will most likely grow in the final week of July 2022, when Vasil will be launched on the Cardano mainnet. Then, hopefully, the price of ADA will rise above $0.5.