- Bullish sentiment outweighed bearish comments as social activity increased
- Increased market participation contributed to the hike, but not on the DeFi front
According to LunarCrush, Cardano [ADA] moved up 116 places to become the market’s top altcoin based on social and market activity. Usually, the crypto-social intelligence platform measures the position using its self-developed “Altrank” algorithm.
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LunarCrush’s Altrank was developed to measure a cryptocurrency’s community traction and relevance in the market, compared to other assets.
Thanks to the community
However, ADA would have been unable to leapfrog other altcoins to the prominent position if not for the input of its community considering the challenges the token has faced lately.
As per LunarCrush’s data, ADA’s social engagements increased by 71.4% in the last 24 hours. This hike means that community interaction across multiple social sources improved across the board.
Another aspect of the Cardano ecosystem that contributed to this was the price of its native token. Over the last seven days, ADA’s value depreciated by 28.83%. However, in the last 24 hours, the price gained by 8.33% while exchanging hands at $0.27 at press time.
Due to the price hike, the sentiment towards ADA changed too. A further evaluation by LunarCrush revealed that bullish sentiments outpaced the market’s bearish perception.
At press time, the bullish sentiment metric had risen by 44.59% while its opposite number went up by 7.73%. This implied that market participants were cheerful about ADA’s short-term price action.
TVL drops, but addresses get lit
As far as Cardano’s Total Value Locked (TVL) is concerned, the condition hasn’t changed for the last seven days. Even though the project recently hit a milestone in this regard, it fell by 14.48% in the last 24 hours.
TVL serves as a measure of a protocol’s health. Additionally, it considers the unique smart contract deposits. So, when liquidity flows into the locked protocols, the TVL increases. On the other hand, the TVL falls when investors hold back on deposits.
Also, public GitHub repositories have declined, as indicated by the development activity. At press time, Santiment showed that Cardano’s development activity was down to 84.6. As a project that consistently excels on this front, the decline means that developers took a backseat in enhancing upgrades on the network.
Read Cardano’s [ADA] Price Prediction 2023-2024
In another positive development, the 24-hour active addresses rose. When this metric decreases, it means that several unique addresses are not actively participating in transactions.
When the metric is in a state like ADA’s, it’s a sign that a token has growing utility. And subsequently, users have been taking advantage of it by visiting the blockchain and transacting.
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