The COVID-19 pandemic had a severe impact in the economies of most countries throughout the world. The U.S. federal government responded to unprecedented unemployment levels and the financial strain the pandemic caused by issuing $1,200 stimulus checks to individuals with adjusted gross income below $75,000.
The first stimulus checks were deposited in mid-April 2020, when Cardano’s ADA token was trading at about $0.033, which means that at the time the $1,200 stimulus check would’ve given investors over 36,300 ADA tokens.
ADA is, according to available data, trading at $1.169 at press time. It has moved up well over 500% so far this year, thanks to vital developments in the project. Its founder Charles Hoskinson has hinted new partnerships and integrations with major industry names are coming.
These tokens would, at current prices, be worth over $42,500, making it one of the most profitable investments of the last 12 months. CryptoPotato compared potential stimulus check investments, and found ADA outperformed GME, ETH, BTC, and other popular stocks.
ADA’s price performance can be partly attributed to the long-awaited “Mary” protocol upgrade going live earlier this month, which enhanced the cryptoasset’s security while enabling multi-asset combability in the network, as well as the development of decentralized applications.
As CryptoGlobe reported, Google searches for ADA surged, as according to Google Trends data search interest for the cryptocurrency surpassed their previous high, seen in December 2017. ADA was briefly the third-largest cryptoasset by market capitalization, before enduring a small correction.
ADA’s price rise may have also been aided by whales buying up the cryptocurrency. As CryptoGlobe reported, Dubai-based cryptocurrency investment fund FD7 Ventures has announced it’s selling $750 million worth of bitcoin to increase its positions in Cardano and Polkadot.
Last month Gene Simmons, the iconic bass player of the popular rock bank Kiss, has announced he has invested $300,000 into Cardano (ADA), shortly after announcing positions in other cryptocurrencies including BTC, ETH, and DOGE.
Featured image via Pixabay.