Cardano Social Interest Explodes as Innovations Launch, ADA Outperforms Top 10

On-chain analytics firm IntoTheBlock notes that social interest in Cardano has risen due to the Djed stablecoin launch. It observes that interest in the overcollateralized stablecoin has grown in recent weeks.

As the @Cardano native stablecoin $DJED goes live, we see it appear as the top search topic for Cardano. Attention for this $ADA backed stablecoin has been growing for weeks. Can it turn this hype into growth?#DJED #ADA @DjedStablecoin @COTInetwork pic.twitter.com/Luduu2fp6Y

— IntoTheBlock (@intotheblock) February 1, 2023

“Cardano native stablecoin DJED goes live, we see it appear as the top search topic for Cardano. Attention for this ADA-backed stablecoin has been growing for weeks. Can it turn this hype into growth?” analysts at IntoTheBlock wrote.

Djed, an overcollateralized stablecoin developed by Cardano builder Input Output Global (IOG) and the COTI network, launched on the mainnet on Jan. 31 after over a year of development and a successful security audit.

ADA price action

At the time of publication, ADA was changing hands at $0.382, an increase of 2.64% in the last 24 hours and 7.68% in the past week, adding up to an accumulated gain of 53.4% over the past 30 days.

Notably, ADA is outperforming the top 10 cryptocurrencies in terms of daily gains. On the upside, ADA faces a barrier at the daily MA 200 at around $0.40. Should ADA surpass this key barrier, its price might aim at $0.52 or even $0.55.

On the other hand, support seems to be building at $0.34 ahead of the $0.309 mark in the event of a decline. February remains a significant one for Cardano as it hopes to get an upgrade.

Based on community polling, a Cardano mainnet upgrade is tentatively proposed for Feb. 14, 2023, at 9:44:51 p.m. UTC. The mainnet hard fork will take place at the beginning of epoch 394, around absolute slot height 84844800 and estimated block height 8403208.

On that basis, IOG is targeting the update to the pre-production test environment for Feb. 11, 2023, at 12:00 a.m. UTC.