- Cardano’s social activities boomed with over 457.9 million engagements.
- Despite the social bustle, ADA faced challenges.
According to the latest data, Cardano [ADA] has witnessed a flurry of social activity, indicating a vibrant atmosphere around the platform. But what exactly is the extent of these social engagements and how have they influenced ADA’s trajectory?
Read Cardanos [ADA] Price Forecast 2023-24
Cardano’s social volume and dominance are seeing a lift
Tap Tools shared a post on May 13, revealing an impressive 457.9 million social engagements around Cardano in the past seven days. In addition, Santiment’s data indicated that Cardano’s social dominance experienced a notable rise from March.
In March and April, the project controlled about 2% of conversations in the crypto space, reflecting its prominence. However, the measure of social dominance by press fell slightly to about 1.4%.
Source: Sentiment
In addition, social volume analysis pointed to a similar pattern, peaking at more than 3,200 on March 22. While social volume remained decent, there was a noticeable drop, with the press-time figure hovering around 607 engagements.
A 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 polling and streamlines the process. Lace 1.1.0 debuted and brought numerous improvements and features to enhance the user experience. Notably, users can now recover their wallets using a 12 or 15 word recovery phrase and easily track the prices of their own tokens.
Meanwhile, Mithril’s team launched a new 2318.0 distribution, contributing to the overall advancement of the ecosystem.
The introduction of the Cardano-based meme coin, SNEK, sparked a wave of meme coin mania, leading to an increase in discussion and social activity around Cardano. These events may have contributed to the recent increase in social engagement.
What the hell is this #Snek something people keep tweeting about?
— Charles Hoskinson (@IOHK_Charles) May 11, 2023
However, it remains to be seen whether Cardano (ADA) has experienced a corresponding performance improvement or market trends.
Realistic or not, here is the market cap of ADA in terms of BTC
How did ADA react
ADA fluctuated between gains and losses over the past week. At the time of writing, the coin was trading at around $0.36, according to the daily timeframe chart. ADA posted a marginal gain of over 1% at current price levels.
However, ADA encountered difficulties as it remained below the neutral line on the Relative Strength Index (RSI). It indicated continued struggle and possible bearish sentiment.
Source: TradingView