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Cardano Plunges 13 Percent Despite Smart Contract Launch

Mon, 09/13/2021 - 06:14
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Alex Dovbnya
Charles Hoskinson is having a victory lap after the much-anticipated smart contract launch
Cardano Plunges 13 Percent Despite Smart Contract Launch
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Cardano, the largest proof-of-stake blockchain, has successfully launched smart contracts after months of anticipation.

The Alonzo upgrade was deployed at 10:44 p.m. UTC to much fanfare.    

IOG CEO Charles Hoskinson is in a celebratory mood, urging Polymarket to donate $50,000 to the charity of his choice.

As reported by U.Today, a prediction market, which allowed users to bet whether or not Cardano would launch smart contracts by October.

Cardano (ADA) Soars 17 Percent Ahead of Smart Contract Launch as Charles Hoskinson Takes Aim at Critics

While the odds were initially stacked against Hoskinson and his team, the market has now been resolved in their favor.

Still, the smart contract rollout ended up being a “sell the news” event, with the ADA price plunging more than 13 percent despite the buzz surrounding the blockchain’s most significant upgrade to date.

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Solana (SOL) and Avalanche (AVAX) have also posted double-digit losses, but Polkadot (DOT) has managed to buck the trend with a 13 percent price spike. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at