$ADA Cardano may spike from the current $0.37 level, a crypto analyst believes. ali_charts intotheblock
as Input Output and COTI are going to finally launch the much-anticipated stablecoin, Djed.
The release of this overcollateralized stablecoin is expected to add more fuel to the struggling DeFi system of Cardano by bringing a lot more liquidity into it. The collateral range for Djed currently stands at 400-800%. Should it drop below the 400% level, the minting of new Djed stablecoins will become impossible.
SHEN coin will be able to help Djed hold its peg to the USD. Aside from this long-expected Djed release, Cardano founder Charles Hoskinson has recently stated that tons of dApps based on Cardano were to emerge online soon. At the time of this writing, ADA is changing hands at $0.3788, showing a 2% drop in the past 24 hours. The community expects the ADA price to react to the launch of Djed and become another possible driver for a rise, in addition to the"demand wall" for ADA mentioned above.
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