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Why Cardano may get a quick fix to its month-long social neglect

  • Social sentiment in connection with Cardano has begun to rise
  • Project’s TVL also hiked while its founder pushed for a bank-free crypto-sector

Cardano [ADA], the decentralized Proof-of-Stake (PoS) blockchain, has put up with consistent neglect by folks in the crypto-channel. The lack of attention given to the network might be surprising though, especially as the ecosystem reacted positively to recent crises in the industry.

Read Cardano’s [ADA] Price Prediction 2023-2024

An escape route for the fallen

However, according to on-chain data, Cardano’s struggles are not really a recent matter. In fact, Santiment data revealed that social dominance has hit severe rock bottom repeatedly since 26 February.

Social dominance gauges the percentage of discussions around an asset among the top-100 per market capitalization. However, the project’s image seems to be on its way to redemption as the metric hit 2.687% on 14 March. Despite its modest decrease at the time of writing, the condition confirmed that Cardano’s mentions across socials had become mainstream.

While the aforementioned proved that sentiment might be changing, the development activity had a reading of 85.26. This metric detects the improvements in a project’s network and commitment to its core fixes. 

At press time, Cardano’s Development Activity did not measure very highly. Instead, it fell slightly but remained around the zone it has occupied since March began. This implied that there has been no notable demand for upgrades on Cardano.

Source: Santiment

Another metric that could ignite recognition for ADA is whale activity. According to Santiment, Cardano transactions in the $100,000 to $1 million range have been hitting several highs since January. In fact, at the time of writing, a hundred ADA $100,000 transactions had taken place already on 15 March.

These values describe a “buy the dip” situation. However, there is no confirmation that ADA’s current value is close to its bottom. Even so, consistent action could drive retail interest and possibly, rekindle the neglect that Cardano has been facing. 

Cardano whales transactions in the $100,000 to $1 million region

Source: Santiment

More deposits, but there’s a need for independence

Looking at its Total Value Locked (TVL), Cardano gained by 188.01% over the last 30 days. TVL measures the total value of all crypto-assets staked or locked up in a protocol. Interestingly, the hike also helped Cardano jump into the top-20 chains per TVL.

Realistic or not, here’s ADA’s market cap in ETH’s terms

An assessment of the information provided by DeFi Llama showed that the milestone would have been impossible if not for the contribution of Aada, Miniswap, and its algorithmic stablecoin – Djed.

However, this does not automatically assure us that its recently-acquired escape from disregard would last.

Cardano Total Value Locked

Source: DeFi Llama

In the meantime, the project’s founder Charles Hoskinson weighed in on the problems facing the U.S. banking industry. Hoskinson noted that the crypto-sector needs to re-assess its attachment to traditional financial institutions.

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