Entailing a prominent social presence has become quite necessary in today’s world. With the cryptocurrency industry getting out of its nascent stage in terms of adoption, newbies are bound to look at the following assets. This, of course, is in addition to the price and returns. Cardano [ADA], despite being in the market for quite some time, encountered trouble in terms of its social strength.
The last couple of months has been quite bleak for the entire market. The dominance of the bears posed a problem to several crypto networks. Cardano encountered quite a bit of it as well. According to data curated by The TIE, ADA witnessed a massive slump in terms of Twitter and trading volumes.
It should be noted that the “Cardano Community” has a total of 1.3 million followers.
Meme coins grew to immense popularity in 2021. Shiba Inu [SHIB], for instance, has been taking over Twitter. Its strong community and marketing skills have made sure to put the asset in the limelight. Similarly, other meme coins have been dominating Twitter.
Additionally, as seen in the above chart, Cardano’s tweet volume wasn’t the only thing that took a hit. The trading volume of the altcoin also witnessed a slump. Both the metrics hit a 6-month low ahead of Cardano’s much-awaited Vasil hard fork.
Cardano’s prominent pump ahead of Vasil
The Vasil hard fork is expected to occur by the end of this month. This hard fork is expected to bring several upgrades into the network. From network capacity to Cardano’s smart contract programming language, an array of things will be addressed in the upcoming upgrade. The decentralized application of dApp wing of the network will be highlighted here.
With just days left for the upgrade, Cardano followed the path of several assets in the crypto-verse and bagged significant gains. At press time, ADA was trading for $0.500 with a 7 percent daily surge.
Furthermore, earlier this week, the biggest BSC whales were trading strongly with ADA, speculating some form accumulation before the hardfork.
This could imply that the community expects a possible uptrend post the much-awaited hard fork.