Cardano founder and CEO, Charles Hoskinson, is in Ethiopia as part of his Africa tour to spread the good news about Cardano. His visit to Ethiopia made him meet with the country’s minister of education, with whom he discussed various ways blockchain technology can help transform the country’s digital space.
Spreading The Digitization News
Hoskinson further revealed via Twitter that five million Ethiopians are ready to be enrolled in a Cardano-organized training. Asides from Ethiopia, the Cardano CEO has also been in South Africa and Burundi. His next African destinations include Kenya, Nigeria, Ghana, and Egypt.
Hoskinson’s goal during his visits is the same – educating the authorities and large businesses on the need for digitization, especially blockchain technology, and how Cardano can be a big part of it.
ADA Consolidates Around $2
Analysts predict that ADA would consolidate around the $2 mark follow and is set to retest the $2.10 price point in its next bullish move. The general crypto market trend has been bullish since yesterday. BTC and ETH made gains of 0.05% and 4.43%, respectively. Ship’s loss of 9.30% makes it the worst performing digital asset in the last 24 hours.
Since yesterday, ADA/USD has been bouncing around the $1.97 – $2.05 region, suggesting moderate volatility within this period. While its trading volume reduced by almost 27.5%, its market cap of almost $66.66B makes it occupy the 5th spot on the cryptocurrency rankings. The 4-hour chart indicates that ADA is steady at about the $2 mark and is preparing for another bullish action.
ADA/USD 4-Hour Chart. Source: Tradingview
Cardano’s native token has been preparing for this move in the last couple of weeks before eventually breaking out two days ago. First, it dipped towards $1.75 before a bounce and rose to the $2 mark. ADA underwent a price correction two days as traders looked to take profit, and its movement has been bullish since then.
Metaverse-Related Tokens Soar Amidst Facebook Mete Rebrand Announcement
Within the last 24 hours that Facebook officially announced that it would rebrand to meta, tokens of several metaverse-related crypto projects soared.
MANA, SAND, and ENJ made the highest gains. MANA gained almost 45% to trade at $1.16, SAND trades at $1.02 after gaining almost 22%, and ENJ gained about 11% and traded at $2.45. AXS and flow also made modest gains during the period under review. AXS soared by 7.9%, while FLOW surged by 7.7%.
Metaverse derived its name from a 1992 Neal Stephenson novel. The novel describes a metaverse as a virtual universe of interactions among digital avatars.
Digital currency enthusiasts are taking advantage of the metaverse to elaborate crypto use cases which is evident in the NFT space where anyone can own various digital assets such as in-game land plots.
The plan for the future is to allow the migration of digital assets among various metaverse platforms. For example, a digital asset can be switched from Decentraland to Sandbox – Both of which are metaverse platforms. Facebook’s name rebranding is one of the ways it seeks to align it to the metaverse.
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