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What happened?
Midnight is set to become the largest token built on the Cardano blockchain, signifying a surge in demand that could elevate Cardano’s market prospects. Cardano’s altcoin, ADA, has risen by 11% following the opening of the Glacier airdrop claim portal on August 5. This growth received an additional boost when Trump signed an executive order allowing crypto assets access to the $9 trillion 401(k) investment market.
Who does this affect?
The developments around Midnight and the Glacier airdrop primarily impact those invested in Cardano and its native tokens. It’s significant for crypto investors interested in Cardano, especially those eligible to redeem the NIGHT tokens during the airdrop phase. Additionally, broader implications fall upon traditional investors showing interest in incorporating crypto assets into retirement portfolios due to the new executive order.
Why does this matter?
This matters because the launch of Midnight on Cardano could lead to heightened visibility and trading volume, potentially driving Cardano to new market highs. The potential rate cuts anticipated before year-end may also inject liquidity into risk assets like cryptocurrencies, further boosting market sentiment. As the U.S. 401(k) market opens to cryptocurrencies, there could be a significant inflow of institutional and retail investment into Cardano, potentially accelerating ADA’s rise to the highly anticipated $10 mark.
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