ADA in, XRP Out: These 3 Cryptocurrencies Have the Highest Rise in Social Volume

TL;DR

• Cardano (ADA) was among the cryptocurrencies experiencing the highest increase in social volume at the start of this week.
• Ripple (XRP) and Solana (SOL), which were previously trending, did not make the list this time.

Here Are the Leaders

According to crypto analytics platform Santiment, Bitcoin (BTC), Cardano (ADA), and Velo Protocol (VELO) have witnessed the highest rise in social volume on Monday (September 2). Most of the conversations surrounding the primary cryptocurrency were centered around the challenges faced by BTC miners, potential price drops, and whale activity. 

As CryptoPotato recently reported, August has not been kind to miners. They generated a revenue of $827 million, a 10% decline compared to the figure observed in July. In addition, the mined BTC stood at 13,843, representing a 5% decrease from the stash produced the prior month. 

Separately, August saw an increased whale activity. Santiment recently estimated that 283 wallets holding at least 100 BTC emerged within the last month alone. The total number of such addresses has soared to 16,120, representing a 17-month high.

For its part, Cardano (ADA) has been at the forefront of conversations due to “concerns regarding its market position, adoption rate, and utility compared to other cryptocurrencies.”

“There are ongoing debates about its technological advancements and potential use cases, particularly in Africa, which contribute to the prominence of Cardano in the crypto community,” Santiment added.

Another potential reason that may have increased the social volume around the blockchain protocol is the implementation of the much-anticipated Chang hard fork. It focuses on complete decentralization and community-driven governance within the ecosystem. Despite the upgrade, ADA’s price remains deep in the red on a weekly scale, currently trading at around $0.32.

Velo Protocol has been trending due to the impressive price performance of its native token despite the broader market correction. VELO is up 30% weekly and is currently worth around $0.016. In comparison, BTC’s value is down 6.5% for the same period. 

According to Santiment, other factors that may have boosted Velo Protocol’s popularity include “voting and community engagement” within the ecosystem. “Additionally, there are references to official contract addresses and reminders about scams,” the platform concluded.

XRP and SOL Are Missing

While Bitcoin (BTC) was once again the top-trending cryptocurrency approximately a month ago, the other assets down the line included Ripple (XRP), Solana (SOL), and more. 

Discussions involving XRP were mainly centered on its substantial price increase at that time and the ongoing legal battle between Ripple and the US Securities and Exchange Commission. Shortly after, the lawsuit witnessed a major development, with Judge Torres ordering the company to pay a $125 million fine for violating certain securities laws. 

“Solana is trending in the given texts due to discussions about investors flocking back to Solana, the possibility of a Solana ETF, and a new cryptocurrency turning heads,” Santiment added.