Cardano: Will surge in social engagements spur ADA’s prices? Looking into…
- 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%.
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.
What the heck is this #Snek thing that people keep tweeting about?
— Charles Hoskinson (@IOHK_Charles) May 11, 2023
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.