Cardano: Will Surge in Social Engagement Surge ADA Prices? Look inside…
Cardano (ADA) has recently experienced a surge in social activity, creating a lively atmosphere around the platform. The magnitude of this social engagement is impressive, demonstrating the growing interest in Cardano and its potential. According to a Tap Tools post on May 13, there have been 457.9 million social interactions related to Cardano in the last seven days. This clearly shows the significant attention this platform has received.
Santiment’s data further supports the idea of Cardano’s growing popularity. It was revealed that Cardano Social Domination, which measures the presence of projects in the crypto conversation, has experienced a notable spike since March. Throughout March and April, Cardano led about 2% of the discussions in the crypto space, highlighting its prominence among investors and enthusiasts. Although the Social Domination measure decreased slightly to around 1.4% during the analysis, Cardano’s influence remains large.
Social volume analysis also illustrates a similar trend. On March 22, there was a peak of over 3,200 social interactions around Cardano. While social volume has remained good, there has been a marked decline, with the current figure hovering around 607 engagements. Nevertheless, it shows that Cardano continues to attract attention and stir up conversation within the crypto community.
Over the last week, Cardano witnessed several significant developments which further fueled social activity. The Cardano node v.8.0.0 release introduces a new governance measure that simplifies on-chain SPO polling, streamlining decision-making processes within the ecosystem. Apart from that, the debut of Lace 1.1.0 brings lots of improvements and features to enhance the user experience. Specifically, users can now restore their wallet using a 12 or 15 word recovery phrase and easily monitor their original token price.
The overall progress of the ecosystem is also boosted by the Mithril team launching the new 2318.0 distribution. These developments and updates contributed to Cardano’s buzz, notably introducing the Cardano-based meme coin, SNEK. The emergence of SNEK sparked a wave of meme coin mania, which resulted in a flurry of discussion and social activity centered around Cardano.
While the increased social engagement has undoubtedly caught Cardano’s attention, it is important to assess the corresponding performance in the market. ADA has been fluctuating between gains and losses over the past week, trading around $0.36 according to the daily timeframe chart. At the time of writing, the ADA is showing a marginal gain of just over 1% at current price levels.
However, the ADA faces challenges as it remains below a neutral line on the Relative Strength Index (RSI), indicating ongoing difficulties and a potential bearish sentiment. It remains to be seen how the market trends will unfold for Cardano and whether increased social activity will result in a significant increase in performance.
Cardano’s recent spike in social activity has created a lively environment around the platform. The impressive amount of social engagement and discussion signals a growing interest in Cardano. Various developments and updates, including the introduction of SNEK and high-profile releases, have contributed to increasing this social buzz. However, ADA’s market performance and response to these social activities is still uncertain, requiring further observation to accurately assess its impact.