Cardano goes down by 4% Before Shelley Testnet Launches

Cardano is currently the most powerful altcoin among the top cryptocurrencies. Since May he has climbed into the top 10 thanks to a 68% rallyCardano’s public Shelley test network is live. The move could now pave the way for the update to start next August.Despite great anticipation and excitement, the Cardano price has cooled in the last 24 hours and decreased by 4.4%.The value of the token rose from $ 0.0485 in mid-May to over $ 0.0900 by June 4, 2020. The price was at the highest price level since June 2019.ADA / USD gained over 68% last month – almost 160% since the beginning of the year. Cardano’s outstanding performance during this period brought the currency to 10th place at CoinMarketCap. However, there has been a decline in the last 24 hours, so the coin has been overtaken by Tezos for the time being.

 

What makes Shelley so important?

Shelley is a phase in the Cardano roadmap when the platform should be completely decentralized. Independent pool validators receive incentives to participate in the proof-of-stake system (PoS). The update also introduces delegation where ADA holders can delegate their tokens to a staking pool and collect rewardsThe public test network is following the launch of the Incentivated Testnet (ITN), which took place in November 2019. Shelley will cause the Mainnet to go live on July 29th. Holders who did not join the ITN last November will have to wait until the Mainnet launch to transfer Cardano coins and receive rewards.