Connect with us
Active Currencies 14904
Market Cap $2,455,941,442,779.30
Bitcoin Share 51.12%
24h Market Cap Change $5.88

Cardano: Will surge in social engagements spur ADA’s prices? Looking into…

2min Read

Cardano’s social realm thrives with buzzing engagements, fueling excitement. Yet, ADA’s price journey encounters hurdles, striving to break free and capture the market’s attention.

Cardano Witnesses Surge in Social Engagements, but Will it Reflect in ADA's Market Performance

Share this article

  • Cardano’s social activities soared with over 457.9 million engagements.
  • Despite the social buzz, ADA faced challenges.

According to the latest data, Cardano [ADA] has witnessed a surge in social activities, indicating a lively atmosphere surrounding the platform. But what precisely is the magnitude of these social engagements, and how have they influenced the trajectory of ADA?


Read Cardano’s [ADA] Price Prediction 2023-24


Cardano’s social volume and dominance see a lift

Tap Tools shared a post on 13 May, revealing an impressive 457.9 million social engagements surrounding Cardano within the last seven days. Additionally, Santiment’s data indicated that Cardano’s Social Dominance experienced a notable surge starting in March.

Throughout March and April, the project commanded approximately 2% of the conversations in the crypto space, reflecting its prominence. However, the press time Social Dominance measure decreased slightly to around 1.4%. 

Cardano Social dominance

Source: Santiment

Furthermore, the analysis of social volume indicated a similar pattern, with a peak of over 3,200 on March 22. Although the social volume remained decent, there had been a noticeable decline, with the press time figure hovering around 607 engagements.

Some possible Cardano social trigger

During the week, Cardano witnessed several significant developments. First, the release of Cardano node v.8.0.0 introduced a new governance action that simplifies on-chain SPO polls, streamlining the process. Lace 1.1.0 debuted, offering 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.

Meanwhile, Mithril’s team launched a new 2318.0 distribution, contributing to the overall progress of the ecosystem. 

The introduction of the Cardano-based meme coin, SNEK, sparked a wave of meme coin mania, leading to an upsurge in discussions and social activities revolving around Cardano. These events potentially contributed to the recent increase in social engagements.

However, it remains to be seen whether Cardano (ADA) experienced a corresponding performance boost or market trends.


Realistic or not, here’s ADA market cap in BTC’s terms


How did ADA react

ADA has fluctuated between gains and losses over the past week. As of this writing, the coin was trading at approximately $0.36, according to the daily timeframe chart. ADA was experiencing a marginal profit of over 1% at the current price level.

However, ADA was encountering difficulties as it remained below the neutral line on the Relative Strength Index (RSI). It indicated ongoing struggles and potential bearish sentiment.

Cardano ADA price move

Source: TradingView

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.