fbpx

What’s Happening With Cardano (ADA)

Cardano (ADA) is considered to have been stuck in an unimpressive price range for the past 7 days, but despite that, some interesting fundamentals are being forming beneath the surface.

As blockchain analytics firm Santiment claims, public sentiment towards Cardano (ADA) is currently at its most positive level since the middle of November 2021.

According to their weighted social sentiment chart, general crowd sentiment is shown to be in a euphoric state regarding ADA, and is at its highest point of the past six months. 

A weighted social sentiment chart combines the ratio of positive and negative mentions of a certain coin over time and compares it to the frequency of overall mentions. As Santiment says, generally prices top out when positive sentiment gets too high, and bottoms when it drops to extreme lows.

Cardano has reached a new historic high with the total ADA being staked totals 74% for the first time ever. That’s over $23 billion delegated to nearly 3000 active staking pools in the two years since Cardano staking has been possible.

At the same time, Cardano’s creators report that the number of projects built on the Cardano blockchain has reached an impressive 900, which is nearly 125%, or 400 projects more than in the previous month. 

Adding to these metrics, the number of wallets on the Cardano blockchain has also surged exponentially over the past month. As seen in ‘Cardano Blockchain Insights, nearly 100,000 new Cardano wallets have been created since mid-March, currently accounting for a slightly more than  3.25 million wallets on the Cardano network.

The Upcoming Vasil Hard Fork

Cardano’s strengthening fundamentals are largely fueled by the expectations for its upcoming network update. The upgrade, called ‘Vasil’ is intended to bring major network improvements, and is projected to occur in June 2022.

As stated by Cardano founder Charles Hoskinson, the Vasil hard fork should include the scaling improvements that will allow Cardano to increase the range of its decentralized finance (DeFi) apps, smart contracts, and DEXs.

The price of Cardano (ADA) has been up by over 20% since mid-March when it dropped to its lowest level this year of $0.79. On the other hand, ADA is still 69.2% below its all-time high price of $3.09, which it reached in September 2021. 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Rate This Article
In order to improve, we give you the opportunity to rate DailyCoin content
Author

Simona is a fintech journalist and content editor at DailyCoin Academy, which focuses on educating new crypto investors. She entered the crypto space in early 2018, got burned, but discovered a passion for trading, and now it’s her hobby. Simona covers crypto and blockchain-related topics and takes a deeper look at what lies behind the latest industry trends.