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Cardano Ecosystem

U.Today

06/12/2024

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Cardano (ADA) Dominating Social Media Discussions

Cardano (ADA) and Bitcoin (BTC) are dominating social media discussions this week

Cardano (ADA) Dominating Social Media Discussions

Cardano (ADA) and Bitcoin (BTC) are dominating social media discussions this week

According to data provided by cryptocurrency analytics firm Santiment, Cardano (ADA) and Bitcoin (BTC) are in the lead when it comes to social media engagement.

As reported by U.Today, Cardano founder Charles Hoskinson announced that the proof-of-stake network was on the verge of the Chang hard fork. The aforementioned hard fork is shaping up to be the most significant update both for Cardano itself and the broader industry, according to Hoskinson.

During the "Voltaire" phase of the roadmap, Cardano will implement a new governance model that will put the community in charge. Hoskinson is convinced that Cardano will have the most advanced governance system among all blockchains.  

His bullish post ignited strong social media engagement, with most social media users expressing bullish sentiment. However, this buzz has not translated into any meaningful gains for ADA. Cardano's native token is up only a mere 0.5% over the past 24 hours. It remains in 11th place with a market capitalization of $15.6 billion.  

In the meantime, Bitcoin is being discussed precisely due to its recent price action. Last week, the largest cryptocurrency by market cap failed to top the $72,000 level last week due to strong jobs data. At press time, it is changing hands at $69,920, with bulls and bears battling for the pivotal $70,000 level.  

The flagship cryptocurrency also generated some social media buzz after scoring its second-highest weekly close to date.

Social media users are also frequently comparing Bitcoin's market cap to major companies such as Apple, according to Santiment.  

About the author 
Alex Dovbnya Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. 

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