Social sentiment associated with Cardano is starting to rise
Project’s TVL also rose as its founder pushed for a bank-free crypto sector
Cardano [ADA], the decentralized Proof-of-Stake (PoS) blockchain, has endured consistent neglect by humans in the crypto channel. However, the lack of attention to the network can be surprising, especially since the ecosystem responded positively to it recent crises in the industry.
Read from Cardano [ADA] Price prediction 2023-2024
An escape route for the fallen
However, according to on-chain data, Cardano’s conflict are not really recent. In fact, Santiment data revealed that social dominance has repeatedly bottomed out since Feb. 26.
Social Dominance measures the percentage of discussions surrounding an asset in the top 100 by market cap. However, the image of the project seems to be on the way to redemption as the stat reached 2,687% on March 14. Despite the modest decline at the time of writing, the condition confirmed that Cardano’s social media mentions had gone mainstream.
While the above proved it sentiment could change, development activity had a value of 85.26. This metric detects a project’s network improvements and commitment to core solutions.
At the time of writing, Cardano’s development activity did not score very high. Instead, it dipped slightly but remained around the zone it has occupied since the beginning of March. This implied that there was no significant demand for upgrades on Cardano.
Another metric that could spark recognition for ADA is whale activity. Cardano trades in the $100,000 to $1 million range have hit several highs since January, according to Santiment. At the time of writing, 100 $100,000 ADA transactions had already taken place by March 15.
These values describe a “buy the dip” situation. However, there is no confirmation that the current value of ADA is close to the bottom. Still, consistent action could boost retail interest and potentially reignite the neglect Cardano faces.
More deposits, but there is a need for independence
Looking at the Total Value Locked (TVL), Cardano is up 188.01% in the last 30 days. TVL measures the total value of all crypto assets staked or locked into a protocol. Interestingly, the walk also helped Cardano jump into the top 20 chains by TVL.
Realistic or not, here it is ADA’s market cap in terms of ETH
A review of the information provided by DeFi Llama showed that the milestone would have been impossible without the contribution of Aada, Miniswap and its algorithmic stablecoin – Djed.
However, this does not automatically assure us that the recently acquired escape from neglect would last.
In the meantime, the project’s founder, Charles Hoskinson, weighed in on the issues facing the US banking industry. Hoskinson noted that the crypto sector needs to reassess its attachment to traditional financial institutions.
Crypto needs to spare itself from those unstable and volatile banks
— Charles Hoskinson (@IOHK_Charles) March 15, 2023
This post Why Cardano may be getting a quick fix for his month-long social neglect
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