Hoskinson’s Folly? ADA’s Price Frolic! 🥂

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Right then, darling! Here’s the Noël Coward-esque rendition you requested. I trust it meets your exacting standards. 😉

ADA to $1? Oh, the Drama! 🎭

Hoskinson’s Folly? ADA’s Price Frolic! 🥂

Cardano, bless its little heart, finds itself in a rather amusing predicament. Up 5.2%, you say? One might almost call it a surge! And the trading volume, darling, up a whopping 40%! All thanks to Mr. Hoskinson’s latest brainwave, the Cardinal Protocol. One shudders to think what he’ll come up with next. 🙄

Welcome to the first Bitcoin DeFi protocol developed for Cardano

— Charles Hoskinson (@IOHK_Charles) June 9, 2025

Apparently, this Cardinal Protocol allows one to wrap Bitcoin UTXOs into DeFi-compatible assets. Lending, staking, and borrowing, oh my! It all sounds frightfully complicated, doesn’t it? 🤔

The pièce de résistance is the Wrapped UTXO primitive, creating 1:1 pegged assets. One can move them on-chain or with Ordinals, and later burn them to release Bitcoin. It’s all frightfully clever, if you can keep up. 🤪 Cardinal leverages Cardano’s eUTXO model, similar to Bitcoin’s, and utilizes a secure multisig setup (MuSig2) for locking Bitcoin, eliminating traditional custodial risks.

Unlike those ghastly older wrapped BTC models, Cardinal is trust-minimized, allowing cross-chain use with Ethereum, Solana, and Avalanche. Assets remain secure with no rehypothecation, and peg-in/peg-out processes are fraud-proofed. One can only hope! 🤞

Cardinal integrates BitVMX for verifiable off-chain logic and offers broad Ordinal utility: DeFi yield, collateral, auctions, lending, and more. The possibilities, darling, are endless! 🍾

Though not quite ready for prime time, the first Bitcoin Ordinal has been successfully wrapped and unwrapped between Bitcoin and Cardano mainnets. Enhancements are in progress for the 1.0 release. One awaits with bated breath. 💅

We had a first ordinal wrapped/unwrapped on Bitcoin and Cardano mainnets. The protocol works but as mentioned in the paper we don’t consider it production-ready yet. Some improvements are incoming. Stay tuned for 1.0 version 🖖

— Romain Pellerin🇫🇷🇺🇸 (@rom1_pellerin) June 9, 2025

Can ada price hit $1 again?

At the time of writing, ADA is dawdling around $0.698 with a market cap of $24.62 billion. On the daily chart, the RSI sits just below the neutral 50 line, suggesting weak momentum but potential for upside if bulls regain strength. Oh, the drama! 🙄

ADA price chart with RSI and Bollinger Bands | Source: TradingView

Meanwhile, the price is hovering just below the middle Bollinger Band (20-day SMA), currently around $0.7085, indicating a potential reversal zone. How very exciting! 🤩

The Bollinger Bands are narrowing, signaling an imminent breakout. A sustained break above the midline could lead the cryptocurrency to test $0.77 resistance. One holds one’s breath! 😮‍💨

#Cardano $ADA could confirm a bullish breakout with a sustained close above $0.77!

— Ali (@ali_charts) June 9, 2025

According to that crypto analyst, Ali Martinez, ADA could confirm a massive rally if it closes above this resistance. Let’s hope he’s right, shall we? 😇

Last week, crypto investor Gordon said ADA will “moon hard” this cycle, eyeing a return to $1, a level last seen in March. One can only dream! 😴

Love it or hate it, $ADA will moon hard this cycle.

— Gordon (@AltcoinGordon) June 6, 2025

The Cardinal Protocol may just be the fuel needed to spark that rally. Or it may not. Only time will tell, won’t it? 🤷‍♀️

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2025-06-10 15:43