Cardano price breaks past $1 while Charles Hoskinson’s vision of ‘thousands of DAOs’ fails to come to fruition

Cardano price has posted double-digit gains and recovered from the price drop suffered over the past few weeks. Cardano founder Charles Hoskinson admitted he was wrong about dApp rollout on the altcoin’s blockchain network. 

Also read: Gold Price Forecast: Challenging weekly highs, now what?

Cardano price witnesses massive breakout, crosses $1

Cardano price has crossed the $1 psychological barrier and hit $1.15. The altcoin network has witnessed massive growth over the past few weeks. Charles Hoskinson, the founder of the Cardano network, predicted “hundreds of assets and thousands of dApps” on the Ethereum-killer blockchain in 2020. 

Hoskinson’s prediction has partially come true with millions of native assets issued on the Cardano network. 

Yet the number of decentralized applications on the Cardano blockchain continues to lag behind. Hoskinson believes that dApp developers are waiting for Cardano’s Vasil hard fork scheduled for June 2022 before launching on the altcoin’s blockchain. 

Based on data from the crypto intelligence platform, DefiLlama, seven dApps are running on the Cardano network. These dApps have a combined $315.72 million in total value locked and exclude staked governance tokens. 

Analysts have evaluated the Cardano price trend and predicted an uptrend in the altcoin. Gert van Lagen, a leading crypto analyst and trader, has set a technical target of $22 for Cardano based on applying the channeling method to the Elliot wave count. The analyst argues Cardano price could hit $22 between June 1, 2022, and September 1, 2022.