- Cardano’s popularity on Twitter has come down to a six-month low, reveals data from The TIE.
- Meanwhile ADA continues to perform well. The token is up by 6.85% in the last 24 hours.
- Highly awaited upcoming Vasil hardfork is being considered the major reason behind the surge.
As per the data from The TIE, the popularity of Cardano on Twitter has reached a six-month low. The TIE is a startup whose services include providing information on digital assets.
Now, on the surface lowering popularity on a social media platform might not seem like a big thing for some. However, this fleeting attention has reflected in trading volumes of the crypto project. To be precise, the trading volume has experienced a steep fall. On the other hand, the ADA price rebounded by 10% in the last week itself.
According to the latest reports, the token even outperformed Ripple-affiliated XRP on Sunday in terms of market cap. The major reason behind the price increase is the upcoming Vasil hardfork. The hard fork is expected to improve the efficiency of the network. The upgrade has been delayed. Originally, it was planned to happen on June 29. Technical difficulties are cited as the reason behind the delay.
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The new launch date is yet to be announced. Input Output, the Cardano developers are yet to publish the date officially. Though earlier it was announced that the upgrade is scheduled in July’s last week.
Cardano however continues to shine in terms of developer activity despite its declining popularity on Twitter. There are over 1,000 actively developed projects on the network. Moreover, as per the data from CoinMarketCap, ADA is still positioned as the seventh biggest crypto asset by market cap. At the time of writing, the price of ADA stood at $0.4998, experiencing a rise of 6.85% in the past 24 hours.
Source: https://www.thecoinrepublic.com/2022/07/28/cardanos-declining-twitters-popularity-is-negatively-affecting-its-trading-volume/