Cardano (ADA) surges 30% daily as founder Charles Hoskinson makes big announcement

Charles Hoskinson, the founder of IOG, the entity behind Cardano, has returned from his recent absence from X with a notable announcement about his role in the Trump administration.

The native token of the Cardano ecosystem immediately skyrocketed, posting gains exceeding 30% daily. ADA is currently at a multi-month high of nearly $0.6.

Cardano just recovered 6 months of losses in 5 days.

Crypto is a game of patience. pic.twitter.com/l1B1lUYbmU

— Dan Gambardello (@cryptorecruitr) November 10, 2024

Hoskinson had been taking a break from X for the past few weeks, but posted his first 40-minute video hours ago. Perhaps the most notable information to come out of it is the upcoming new administration of President-elect Donald Trump.

The Ethereum co-founder said he will spend a lot of time in 2025 working with US policymakers to establish a more comprehensive and perhaps favorable regulatory framework for the digital asset industry.

“Crypto policy should be written by the American people, the American crypto industry, and well-meaning lawmakers who are willing to take the time to listen.”

To be more effective, Hoskinson said IOG will be making some internal changes that will include relocating staff so they can have an office dedicated to helping set crypto legislation.

Cardano’s native token reacted immediately to the news, which quickly spread across X. ADA was trading at $0.44 earlier on Sunday, but shot up in minutes to nearly $0.6. Despite pulling back slightly since then, the ADA is still up more than 30% on a daily basis and up 70% compared to the same time last week.

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