Cardano’s value increases with Plomin hard fork endorsement and Binance backing: Investors’ confidence rises

Cardano (ADA) experienced a 3.5% increase on Tuesday, joining a larger market rebound following the upheaval caused by DeepSeek. This surge in value coincided with the approval of the long-awaited Plomin hard fork by the Cardano Foundation. This positive price movement reflects the overall trends seen in the cryptocurrency market, with Bitcoin (BTC) climbing by 1.4% above $102,000 and Ethereum (ETH) also experiencing a 1.4% increase in value over the past 24 hours. The Plomin upgrade, named in memory of Matthew Plomin, the former CEO of USDM and Cardano’s stablecoin, signifies a significant shift in Cardano’s governance structure. The implementation of this upgrade, which is set to take effect on Wednesday, will transition the network to a more decentralized governance model, granting Cardano stakeholders increased authority over the network’s governance. Users will now have the ability to directly vote on proposals or delegate their voting privileges to a delegated representative (DRep). The Cardano Foundation (CF) endorsed the hard fork through a vote within the Interim Constitution Committee (ICC), which is responsible for supervising protocol modifications. The CF stated that the governance decision to hard fork to Protocol Version 10, known as “Plomin,” was constitutional and fulfilled all procedural requirements, enabling CIP-1694 governance and Plutus primitives while complying with guardrails. Binance, the largest cryptocurrency exchange globally, also pledged its support for the Plomin upgrade. During the transition phase, Binance will temporarily suspend ADA deposits and withdrawals, but trading activities will continue uninterrupted. Although this development is positive, Cardano’s price remains below the $1 mark, which is considered a crucial psychological threshold. Sentiment on Stocktwits concerning Cardano has shifted from ‘bearish’ to ‘neutral’ within a day, yet discussions have decreased from ‘high’ to ‘low’ volumes. Retail investors on the platform were pleased to witness Cardano’s recovery above the 100-day exponential moving average (EMA). Some have speculated that potential endorsements from President Donald Trump regarding cryptocurrencies could further boost ADA’s price. Since Trump’s electoral victory in November, Cardano founder Charles Hoskinson has been advocating for broader blockchain adoption within the U.S. government. Reports indicate that he intends to establish a policy office in Washington, D.C., to champion pro-crypto regulations while expressing interest in supporting Elon Musk’s endeavors to integrate blockchain into the U.S. Department of Government Efficiency (DOGE). Over the past year, Cardano’s price has surged by 92%, with a 7% increase observed in the last month.