Cardano: Will Surge in Social Engagements Spur ADA’s Prices? Looking into…
Cardano (ADA) has recently experienced a surge in social activities, creating a lively atmosphere around the platform. These social engagements’ magnitude has been impressive, indicating a g…
Cardano (ADA) has recently experienced a surge in social activities, creating a lively atmosphere around the platform. These social engagements’ magnitude has been impressive, indicating a growing interest in Cardano and its potential. According to Tap Tools’ post on 13 May, there were 457.9 million social engagements related to Cardano within the last seven days. This clearly indicates the significant attention the platform has been receiving.
Santiment’s data further support the notion of Cardano’s rising popularity. It revealed that Cardano’s Social Dominance, which measures the project’s presence in crypto conversations, has seen a notable surge since March. Throughout March and April, Cardano commanded approximately 2% of the discussions in the crypto space, highlighting its prominence among investors and enthusiasts. Although the Social Dominance measures slightly decreased to around 1.4% during analysis, Cardano’s influence remained substantial.
The analysis of social volume also depicted a similar trend. On March 22, there was a peak of over 3,200 social engagements surrounding Cardano. While the social volume remained decent, there has been a noticeable decline, with the current figure hovering around 607 engagements. Nevertheless, this indicates that Cardano continues to attract attention and generate conversations within the crypto community.
During the past week, Cardano witnessed several significant developments that further fueled social activities. The release of Cardano node v.8.0.0 introduced a new governance action that simplifies on-chain SPO polls, streamlining the decision-making process within the ecosystem. Additionally, the debut of Lace 1.1.0 brought numerous enhancements and features to enhance the user experience. Notably, users can now recover their wallets using a 12- or 15-word recovery phrase and conveniently monitor the prices of their native tokens.
The ecosystem’s overall progress was also boosted by Mithril’s team launching a new 2318.0 distribution. These developments and updates contributed to Cardano’s buzz, mainly introducing the Cardano-based meme coin, SNEK. The emergence of SNEK sparked a wave of meme coin mania, resulting in an upsurge of discussions and social activities centered around Cardano.
While the increased social engagements have undoubtedly brought attention to Cardano, it is essential to assess its corresponding performance in the market. ADA has experienced fluctuations between gains and losses over the past week, trading at approximately $0.36 according to the daily timeframe chart. At the time of writing, ADA showed a marginal profit of over 1% at its current price level.
However, ADA faced challenges as it remained below the neutral line on the Relative Strength Index (RSI), indicating ongoing struggles and a potential bearish sentiment. It remains to be seen how market trends will unfold for Cardano and whether the increased social activities will translate into significant performance gains.
Cardano’s recent surge in social activities has created a vibrant environment around the platform. The impressive number of social engagements and discussions signifies the growing interest in Cardano. Various developments and updates, including the introduction of SNEK and notable releases, have contributed to this increased social buzz. However, the market performance of ADA and its response to these social activities remain uncertain, requiring further observation to assess their impact accurately.
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