Recent data shows that community sentiment around ADA has died down.
The number of unique addresses transacting on the ADA network is also at an annual low.
ADA’s price dipped slightly over the last 24 hours.
Recent data from Santiment shows that community activity around Cardano (ADA) has died down a bit in the current crypto bear cycle.
According to data released from Santiment, the number of unique addresses interacting on the Cardano network is at an annual low. In addition, the data also shows that sentiment on social media platforms has fallen to a 4-month low.
The data above shows that community sentiment levels around Cardano have dipped into the negative, which was last seen in February this year. The negative sentiment could have something to do with the highly anticipated Vasil Hard Fork being delayed by around a month.
According to CoinMarketCap, ADA’s price is down by 3.35% in the last 24 hours. This has also flipped its performance over the last seven days into the negative, as ADA’s price is down by 2.46%.
ADA has weakened a bit against BTC and ETH over the last day. One ADA is worth around 0.00002335 BTC and 0.0004045 ETH.
Trading activity around ADA has also dropped over the last 24 hours as the daily trading volume totals $724,034,222 at the time of writing. This is a 0.23% drop compared to the previous day.
As things stand, ADA’s price is currently $0.4878. This also takes the market cap of ADA down to $16.46 billion, ranking the token at number 8 on CoinMarketCap’s list of the biggest crypto market caps. Currently, ADA is ranked below Ripple (XRP) and above Solana (SOL) in terms of market cap, with XRP’s market cap totaling $16.29 billion and SOL’s market cap totaling $13.23 billion.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.