The global pandemic has affected everyone’s life, both socially and financially. Economies around the world have crippled because of this pandemic which left a lot of people helpless and unemployed. The federal government of the United States of America took action against this mass unemployment and tried to ease the pain and help out the general public who were under constant financial pressure in this time of need by introducing a $1200 stimulus check. The people who are eligible for this stimulus check are the ones whose gross annual income is below the mark of $75k.
36K ADA Tokens for Just $1200
The fulfillment of the maiden stimulus checks was done in the mid-on April 2020. These checks were deposited directly into the accounts of these individuals. At the time when these stimulus checks were delivered, Cardano (ADA), a crypto asset, was being traded at a price of $0.033; this means that a person who had even $1200 dollars to invest in Cardano could have acquired an amount of around 36,300 Cardano tokens.
According to the current market price, Cardano’s ADA token is being traded at a price of $1.169 currently. This data shows that the price of the ADA token has increased by about 500% in this year alone. All of this has only happened due to the important developments in the framework. Charles Hoskinson is the founder and owner of Cardano (ADA), and according to him, there are new integrations and partnerships underway with major market leaders, which means that the value of the ADA token is about to rise even higher.
Cardano’s ADA Token Outperformed the Crypto Market
A person who used his $1200 stimulus check to acquire 36,300 ADA tokens will have converted his worth to around $42,500 if we look at the current prices. This makes the investment in Cardano the most profitable investment, which has bear fruit in the past twelve months. CryptoPotato has compared the potential investments made with the stimulus checks and has come to the conclusion that the ADA token has outperformed BTC, ETH, GME, and all other trending stocks.
A major factor associated with the increase in the price of Cardano may be the whales who have stacked their wallets with the ADA token. FD7 Ventures made a statement saying that they are about to sell BTC worth $750 million to acquire ETH and Polkadot, while Gene Simmons announced that he has also invested $300k in Cardano.