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.
Also read: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.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.