Cardano Surges 4.5% as Audit Report Nears Completion

Cardano's price has seen a notable increase, rising by 4.5% in the past 24 hours to reach $0.8939. This surge comes on the heels of a tweet from Charles Hoskinson, the founder of Cardano, who announced that a highly anticipated audit report is nearing completion. The report addresses allegations that Input Output, the primary developer for Cardano, misappropriated 318 million ADA following the 2021 Allegra hard fork. Hoskinson has vigorously denied these claims, which first surfaced in May.

Hoskinson's tweet has had a positive impact on the Cardano price, which has also seen a 17% increase over the past week and a 53% increase over the past month. The impending release of the audit report, which Hoskinson plans to read via a livestream, has contributed to this bullish sentiment. The report is expected to be released in mid-August, and a dedicated website will host it. This development has the potential to further boost the Cardano price, as it could clear up any lingering doubts about the allegations and provide a positive long-term outlook for the platform.

In May, NFT artist Masato Alexander and others accused Input Output of using the Allegra hard fork to redirect ADA to its own wallets. Hoskinson responded swiftly, posting a strong rebuttal and promising an audit of the hard fork. He stated that BDO would conduct the audit, and it seems that the audit is now close to completion. Hoskinson's recent tweet indicates that the audit report is shaping up quickly and is on schedule for a mid-August release, assuming there are no delays.

The Cardano price has been on a steady rise, and the release of the audit report could act as a catalyst for further gains. Despite its current rally, the altcoin remains 71% down from its all-time high of $3.09, set in September 2021. This suggests that Cardano is still oversold and undervalued in the longer term. With the audit report expected to clear up any doubts about the allegations, Cardano's growth as a layer-one platform could push the coin's price up to $1.50 or even $2 by the end of the year.