Cardano News: Hoskinson Eyes Governance Overhaul Amid Internal Conflicts

Key Insights:

• Cardano news reveals that the network may face governance model changes as Charles Hoskinson conducts reviews aimed at improvement.
• Cardano celebrates new transaction milestone.
• ADA revisits consolidation zone amid struggle to secure bullish momentum.

Fresh Cardano news updates reveal that the network may be about to go through some governance-related changes. This comes amid a major network milestone on the transaction front, but the ADA crypto price remains stuck in its consolidation zone.

The latest Cardano news points to possible governance changes. This was courtesy of recent reports, which stated that its founder, Charles Hoskinson, is reviewing the Cardano network’s governance models.

Cardano news: Charlie Hoskinson makes a move towards improving governance | Source: X courtesy of Coin Bureau

The announcement marks some of the most exciting Cardano news this month. This is because it could underscore some structural changes that may not only facilitate external conflict resolution but also boost investor confidence.

In other words, the Cardano news has the potential to reignite interest in the native Cardano crypto. The latter recently reverted to its consolidation zone after another failed breakout attempt.

Cardano News: Cardano Community Celebrates Another Major Transaction Milestone

Charles Hoskinson’s plan to review governance models was not the only noteworthy, favorable Cardano news event this weekend. The network just celebrated crossing the 121 million transactions on its mainnet.

Cardano news: Cardano celebrates transaction milestone | Source: Cardano

At a glance, this might just seem like an arbitrary figure. Especially considering that some rival networks, such as Solana and Ethereum, have billions of transactions that are multiple times higher than Cardano. However, this new milestone is a representation of how far the Cardano network has come. An assurance that the network is still going despite the recent decline in confidence.

Speaking of declining confidence, it was quite apparent in the level of network activity over the last few weeks. The Cardano network had fewer than 100,000 active addresses in the last 7 days. This was the lowest weekly address activity that the network has experienced in years.

Cardano network activity and TVL | Source: DeFiLlama

Cardano’s TVL also extended its decline to a multi-year low. It dropped as low as $128.48 million this week. The last time TVL was this low was in June 2023.

Will ADA crypto Price Bounce After Recently Retesting It Consolidation Zone?

The native Cardano crypto has been in an overall downtrend since 10 May. It exchanged hands at $0.24 at press time, which was within the bottom range of its consolidation range. The latter is about to conclude its 4th month.

ADA crypto price action | Source: TradingView

The native Cardano crypto is now about 15% off its May high. On the flip side, its current zone represents a consolidation level. This means it could potentially bounce back to the same level. Although ADA price action has been on an overall downtrend, whales have been taking advantage of the discounted prices by buying the dip. Whale orderbooks flashed green across both spot and derivative segments.

For example, whales acquired over $3.48 million worth of ADA crypto on Binance in the last 24 hours. Both Coinbase and OKX also saw inflows, albeit in limited amounts (less than $1 million collectively). In the derivatives segment, Binance had over $14 million in long positions, while OKX had $2.3 million. This could indicate that whales were positioning themselves for a potential bounce back.

In Summary, ADA is kicking off the week with some positive news about the governance models review and transaction milestones. These changes, combined with the fact that ADA price is currently in a consolidation zone, could further support the prospects of a bounce back.

The post Cardano News: Hoskinson Eyes Governance Overhaul Amid Internal Conflicts appeared first on The Coin Republic.