Cardano ($ADA) Trading Volume Drops to 6-Month Low as Social Media Popularity Dwindles
The trading volume for Cardano’s native currency $ADA has dropped to a six-month low at a time in which buzz surrounding it on social media has also been steadily dropping. While attention focusing on Cardano is dropping, the network is set to undergo a major upgrade, the Vasil hard fork.
According to data shared by The TIE, a “leading provider of information services for digital assets” whose main offering is the Crypto SigDev Terminal, the “fastest and most comprehensive workstation for institutional digital asset investors” that “brings together real-time news from thousands of primary sources, with sentiment analytics, spot and derivatives, alternative, and on-chain data in a powerful and intuitive platform,” interest in ADA appears to be dwindling.
Twitter and Trading Volumes for $ADA are at 6 Month lows.— The TIE (@TheTIEIO) July 27, 2022
Despite this lull in attention, the 8th biggest Digital Asset is scheduled to undergo the Vasil Hardfork at the end of July, which should greatly improve dApp and Smart Contract experience on Cardano. pic.twitter.com/8gGuF1gxZQ
As CryptoGlobe reported, Cardano has recently become one of the top 10 holdings of whales n the BNB Chain (which was formerly known as the Binance Smart Chain) as investors are betting on the cryptocurrency ahead of its highly anticipated Vasil hard fork.
The Vasil hard fork is a major upgrade that will involve four Cardano Improvement Proposals (CIPs). Cardano creator Charles Hoskison has said the hard fork will deliver a “massive performance improvement.”
Data from Coinbase’s price pages shows that users of the Nasdaq-listed cryptocurrency exchange have a typical ADA hold time of 153 days, meaning that Cardano traders on the platform hold onto their assets for that long before “selling it or sending it to another account or address.”
In comparison, the platform’s data shows that its users investing in Bitcoin ($BTC) have a typical hold time of 130 days, while its users investing in Ethereum ($ETH) have a typical hold time of 105 days. Those investing in Solana ($SOL) have a typical hold time of 100 days.
According to the cryptocurrency exchange, a long hold time “signals an accumulation trend,” while a short hold time “indicates increased movement of tokens.” Notably, Coinbase’s social indicators show that the share of Cardano posts compared to the wider market in the last 24-hour period was only 1.3%.
Earlier this month, a panel of cryptocurrency industry experts predicted that the price of Cardano will explode to $2.93 by 2025, and to $6.53 by 2030, although experts believe that by the end of the year, the cryptocurrency will trade at just $0.63.
Featured image via Unsplash
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