Cardano’s Growing Social Media Presence Could Drive Significant Growth for ADA
In the past 24 hours, Cardano [ADA] emerged as one of the most talked-about blockchain networks. This surge in attention could possibly be linked to recent remarks made by its founder, Charles Hoskinson, who boldly claimed that Cardano is poised to surpass Bitcoin.
Hoskinson’s confident statement seems to have fueled the existing buzz around Cardano that has been steadily increasing since the beginning of October. According to data from Messari, Cardano experienced a decline in its followers from March to September, hitting a low of just under 822,000 followers. However, the network has since witnessed a strong recovery.
At its peak in March, Cardano had over 836,000 followers, indicating a significant drop over the following months. As of now, Cardano boasts around 823,870 followers, with an addition of over 2,000 new followers since the start of October. This uptick in followers could possibly signal a renewed interest in the project, with a potential correlation between follower count and price.
These developments hint at the possibility of Cardano’s ADA experiencing a period of bullish growth in the coming weeks or months.
Is a Major Upward Movement on the Horizon for ADA?
The noticeable increase in user numbers points towards a shifting sentiment that may favor ADA bulls in the market.
ADA’s price action has been confined within a wedge pattern for some time now and appears to be nearing a breakout point. As of now, ADA is trading at $0.351.
A recent retesting of support on October 18th suggests that ADA could be gearing up for a bullish rally in the near future.
Furthermore, the number of transactions on the Cardano network has been steadily rising since the second week of October. From a low of 26,900 transactions on October 6th, the network witnessed a surge to 43,750 transactions by October 19th.
While the spike in transaction activity could indicate growing demand for ADA within the Cardano ecosystem, it may not necessarily reflect a substantial increase in market demand.
Examining ADA’s historical distribution data reveals that a single whale entity held 3.19 billion coins or 8.95% of the supply on October 1st. This whale entity maintained control over 3.2 billion ADA or 8.98% of the supply in the following period.
During this three-week period, investor balances saw a slight decrease from 7.25 billion ADA to 7.24 billion ADA, while retail balances edged up from 25.18 billion coins to 25.19 billion coins.
While heightened demand from whale investors signals positive market health, any potential sell pressure from the investor sector might dampen this effect. These observations suggest that demand for ADA has been relatively moderate so far.