Hello Cardano (ADA) Investors! Relief Isn’t That Far Away
Cardano’s rollercoaster this week attained another peak on August 27 following the recent Valid adoption update. Pool Tool revealed that 69% of ADA’s staking pool nodes embraced the latest version 1.35.3. Nevertheless, the community still waits for about 6% more before kick-starting Vasil implementation.
Surprisingly, the week started great for ADA until the overall crypto space took a plunge following Powell’s speech. Meanwhile, that triggered red flashes in leading digital tokens within the previous day. For example, ADA has taken a massive blow after leading the upside party over the week. While publishing this post, the altcoin hovered at $0.43, losing 8.31% within the previous day.
Cardano Everywhere
Cardano has seen increased social media trends amid the Vasil adoption. LunarCrush data shows Cardano stole the show on August 26, considering its recent impressive performance. Also, data revealed that ADA’s social dominance gained 55.57% within the last month.
Meanwhile, the tokens social contributors and mentions gained 26.04% and 23.63%, respectively, during the timeframe in review. Uninterestingly, Input Output stayed excited due to the Vasil upgrade. For instance, they have introduced a website for the latest Vasil news for the ADA community to ensure awareness.
What for ADA Now?
We can’t blame network performance for ADA’s latest downside (considering the prevailing market conditions). Santiment’s chart shows ADA was a lucrative token for investors until mid-August. Meanwhile, profits slumped on August 19 as the token’s value noted a sharp dip. The trend has persisted until today, with the press time MVRV ratio standing at -13.34%.
Cardano Investors Rejoice
Cardano investors can expect some respite in the upcoming days, with Federal tensions calming down. It’s baffling to witness some responses within the Twitter platform as they doomed Fed’s Powell for his recent comments. It’s only a matter of when and not if for $ADA to surge during the upcoming weeks.
Meanwhile, bearishness dominated broad market cues as most cryptos remained down. The global cryptocurrency market cap highlights the current downturn in the space, with the metric standing at $969.11B during this publication, following a 0.27% 24hr dip. Also, BTC surrendered 0.86% within the last day to $20,066.46.
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