Cardano Last Week: ADA Rallies, Trends On Twitter, And Reaches New ATH

Cardano investors have had an exciting week, with the price of the coin rallying high and nearing the $3 mark. Let’s take a quick look at Cardano’s noteworthy moments this week. 

Cardano Creator Slams Banker’s Accusation Against Crypto 

The crypto community, including Cardano creator Charles Hoskinson, rose in arms at the inflammatory comments of Federal Reserve Bank of Minneapolis President Neel Kashkari against the industry. Kashkari spoke out against the crypto industry, claiming that it is full of “scammers” who rip off naive individuals through shady pump-and-dump schemes. 

Creator of Cardano and IOG CEO Charles Hoskinson spoke out against Kashkari’s comments, tweeting, 

“So the org that can print TRILLIONS every year and claim there is no inflation thereby devastating the poorest amongst us has an issue with sound money that cannot be manipulated by politics. I’m shocked Neel!! SHOCKED!!!”

Hoskinson’s response is in direct retaliation to Kashkari’s tweet that demanded to know the communities that have been benefited by crypto, claiming it to be a mere pump-and-dump scheme orchestrated to scam unsuspecting investors. 

Cardano Inflow Rate Outpaces That Of Bitcoin, Ethereum 

CoinShares reports have indicated that Cardano and Solana have rallied to outpace Bitcoin and Ethereum in institutional inflows. According to another report by CoinGecko, Cardano has pulled off a 35% rally in the last week. 

On the other hand, Solana has been outperforming Ethereum, with a total of $7.1 million inflow of digital assets and a whopping 92.9% rally in the last two weeks, compared to the 11% rally by Ethereum. 

ADA Crosses ATH, Closes In On $3

Cardano’s native crypto ADA has had a roller coaster journey in 2021. It started the year off with a high, by skyrocketing more than 1200% in the first few months. However, the price spike was quickly corrected in the turmoil that hit the market in July, and the price of ADA fell below a dollar. However, in the last month, ADA has once again outperformed most of its competitors. It has broken above its previous ATH and hit the peak high of $2.95 (Bitstamp), indicating a 194% jump since July. 

Cardano’s Social Engagement Surpasses Bitcoin

Bitcoin has almost always managed to stay relevant, especially in social media conversations on cryptocurrency. However, Cardano’s recent rally has helped the altcoin to overtake the former in terms of social engagement. As per Google Trends data, the number of Cardano (or ADA) queries on the world’s largest search engine have definitely picked up lately. With the number of Twitter mentions of Cardano and ADA-related hashtags breaking the roof over the weekend, Santiment analytics report that the growing engagement will play a role in escalating the price of ADA in the $3 price range. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.