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Attention Cardano investors! Relief squad ADA is not too far away

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Source: Unsplash

The Cardano [ADA] rollercoaster this week has reached another high on 27 August after the latest update on Vasil adoption. According to Pool Tool, 69% of Cardano’s staking pool operator nodes have adopted the latest v1.35.3. However, the community is still waiting for at least 6% more to kickstart Vasil implementation.

Interestingly, the week got off to a great start for Cardano until the crypto markets took a downslide after Powell’s speech. Since then, there have been red flashes across major crypto assets in the past day.

ADA itself has taken a big hit after being one of the top performing assets in the market during this week. It is currently trading at $0.43 after a downturn of 8.31% in the past day.

Cardano here, Cardano there

In light of the Vasil adoption, there has been an uptick on Cardano’s social trends on social media. According to LunarCrush, Cardano was the “Coin of the day” on 26 August considering its massive performance lately.

Data also suggested that Cardano’s social dominance surged by 55.56% over the past month. More so, social mentions and social contributors for Cardano were up by 23.63% and 26.04% respectively during the period in review.

Source: LunarCrush

Unsurprisingly, Input Output was also seen excited for the Vasil launch. For the purpose of awareness, they have launched a site for latest Vasil updates for the community.

What now for ADA?

The latest downtrend of the ADA token cannot be blamed on the network’s performance given the market conditions. From the chart below, we can see that ADA trading has been a lucrative trade for investors until at least mid-August.

As the token value took a sharp dip on 19 August, so did the profits. This trend has continued till today as the Market Value Realized Value (MVRV) stood at -13.34% at press time.

Source: Santiment

ADA investors rejoice?

Investors in the Cardano community can be assured of some relief in the coming days as the Fed tensions calm down. It is baffling to see some reactions in the Twitter space as they condemn Fed executive Powell for his latest remarks. It is simple a matter of ‘when’ rather than ‘if’ for ADA prices to rise in the coming weeks.

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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

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