Cardano’s ADA tokens experienced a significant increase of 33% over the last 24 hours, outperforming major cryptocurrencies like Bitcoin. This spike comes after Charles Hoskinson, the founder of Cardano, announced his commitment to shaping U.S. crypto policy under a new administration, initiating speculative trading around the token.

ADA's price surged past 58 cents for the first time since April, with its 7-day gains accumulating to an impressive 77%. Trading volumes soared to $3.3 billion on Saturday, a notable increase from just $300 million the previous day.

The movement in ADA came amidst a favorable week marked by the election of Republican Donald Trump as U.S. president and an additional rate cut by the Federal Reserve, which stimulated growth across various cryptocurrencies.

“I will be spending considerable time collaborating with lawmakers in Washington D.C. to facilitate discussions on crypto policy,” Hoskinson stated in his X podcast. He also expressed the intention to establish a local office for Input Output to aid in policy development.

This robust trading activity is reflected in the open interest for ADA tracking futures, which reached 858 million ADA, equating to over $500 million at current valuations, indicating a strong influx of new capital aiming for heightened volatility.