Cardano (ADA) Soars 30% Daily as Founder Charles Hoskinson Makes Big Announcement

Charles Hoskinson, the founder of IOG, the entity behind Cardano, has returned from his recent absence on X with a notable announcement regarding his role in the Trump administration.

The native token of the Cardano ecosystem skyrocketed immediately, charting gains exceeding 30% daily. ADA currently sits at a multi-month peak of almost $0.6.

Cardano just gained back 6 months of losses in 5 days.

Crypto is a game of patience. pic.twitter.com/l1B1lUYbmU

— Dan Gambardello (@cryptorecruitr) November 10, 2024

Hoskinson had taken a break from X in recent weeks but published his first 40-minute video hours ago. Perhaps the most notable piece of information that came out of it involves the upcoming new administration of the president-elect, Donald Trump.

The co-founder of Ethereum said he will spend a lot of time in 2025 working with the US policymakers to establish a more comprehensive and perhaps favorable regulatory framework for the digital asset industry.

“The crypto policy should be written by the American people, by the American crypto industry, and by well-meaning lawmakers who are willing to take the time to listen.”

To be more effective, Hoskinson said IOG will make some internal changes that will include moving personnel around so that they can have an office dedicated to helping establish the crypto legislation.

Cardano’s native token reacted immediately to the news, which spread quickly on X. ADA traded at $0.44 earlier on Sunday but soared in minutes to nearly $0.6. Despite retracing slightly since then, ADA is still over 30% up on a daily scale and 70% higher compared to the same time last week.

ADAUSD. Source: TradingView