- With spot Ethereum ETF now trading, Cardano community is now enthusiastic for ADA ETF.
- Hoskinson joined the conversation with playful affirmation, but the community remains hopeful.
Days after the first altcoin commenced trading for its Exchange-Traded Funds (ETF), the Cardano (ADA) community is rife with speculations and calls by members for a possible application for a spot ADA ETF. A simple poser by TapTools on social media platform X triggered the conversation and reactions. TapTools in the X post had queried, “Is an $ADA ETT up next?”
Charles Hoskinson’s Reaction and Community Expectations
TapTools posted a ‘To-Do List’ which showed Bitcoin and Ethereum crossed off, a reference to the duo having gained regulatory approval.
Is an $ADA ETF is up next ?
pic.twitter.com/Vvq3fBJvmL
— TapTools (@TapTools) July 23, 2024
As noted in our earlier post, in January of this year, the United States Securities and Exchange Commission (SEC) approved spot Bitcoin ETF to commence trading.
A little less than seven months later, after months of anticipation, with back and forth between the asset managers and the regulatory body, spot Ethereum ETF also received a green light. As we discussed earlier, eight asset managers listed this new fund on either the New York Stock Exchange (NYSE) Arca, Nasdaq or Chicago Board Option Exchange (Cboe).
The simple post on X by TapTools immediately elicited a reaction from Cardano founder, Charles Hoskinson. He replied with a GIF of a superhero with the caption, “Fine, I’ll do it myself.” Although GIFs are humorous ways of replying to messages on social media platforms, members of the Cardano community have decided to use the avenue to call on Hoskinson to act now.
The enthusiasm indicated that they anticipate Hoskinson to file an ETF application with the SEC. Meanwhile, a user, The Realist (@VeryRealRealist) has tasked Hoskinson with the responsibility of securing a stablecoin for Cardano.
“Can you also secure a real stable coin for Cardano with liquidity and an on/off ramp by partnering with an exchange that will also list Cardano native tokens?” The Realist asked. This received an affirmative response from Hoskinson as well.
Potential Impact on ADA’s Price and Market Sentiment
While some might quickly dismiss Hoskinson’s replies as playful banter, market watchers believe it could serve as a barometer to gauge the enthusiasm and sentiments of the community. According to them, there seems to be high hopes of a possible Cardano ETF product and this could fuel a price rally for the asset.
Other factors that could contribute to the possible rally is the Chang Hard Fork. As we reported in an earlier article, investors hold optimistic views about this event hoping it will cause a price surge for Cardano. At the time of writing, ADA is changing hands for $0.418, up by 1.36% in the past 24 hours.
The Chang Hard Fork upgrade will mark the beginning of the Voltaire era where the Cardano roadmap will achieve full decentralization.
With the Chang Hard Fork expected in August, investors and stakeholders will keep an observant eye on the moves by Hoskinson as well as the price of the digital asset.
