Cardano’s Social Dominance Hits 6-Month High as ADA Grows by 27%

Share on Facebook Share on Twitter

Cardano (ADA) Records 27% Growth in 24 Hours

The cryptocurrency Cardano (ADA) has seen an impressive increase of 27% in the last 24 hours. This surge is attributed to increased social activity around Cardano on December 8th. But what does this mean for ADA price predictions?

Social Dominance of Cardano at Six-Month High

Cardano’s social dominance, measured by the amount of mentions on social media, news articles, forums, and other online sources, has reached a six-month high in the last 24 hours. According to data from analytics provider Santiment, ADA’s social dominance increased by 85% between December 7th and 8th. Currently, the social dominance stands at 3.15%.

Rising Demand Drives ADA Price

The price increase of ADA in the last 24 hours can be attributed to an increased demand for the cryptocurrency during this period. On December 8th, the number of addresses completing transactions with ADA increased by 31%. This is the highest value since November 18th.

Social Activity and Price Development are Closely Linked

There is a close correlation between social activity and the price development of a cryptocurrency. When social discussions about a cryptocurrency rise along with its price, there is always the possibility of a strong correction. This could particularly be the case if the price increase is not driven by a significant update to the ecosystem, but by an increase in FOMO (Fear of Missing Out) – the fear of missing an opportunity.

ADA Holders are Making Profits Again

Thanks to the overall market upswing in recent months, the ADA price has been able to increase by 62%. With the rising price, transactions with ADA have become increasingly profitable. Currently, the ratio of profitable to loss-making transactions is 1.02 to 1. This means that for every transaction that has made a loss, 1.02 transactions have made a profit.

Positive MVRV Ratio Signals Overvalued ADA

ADA’s MVRV ratio (Market Value to Realized Value) has reached a positive value for the first time since April 2022. The MVRV ratio measures the ratio between the current market price of a cryptocurrency and the average price at which each coin or token of this cryptocurrency was purchased. A positive MVRV value over one signals that the cryptocurrency is overvalued and that investors are holding above their cost level. Currently, ADA’s MVRV ratio is at 9.09%, meaning that ADA holders who sell their coins at the current price would make at least a 9.09% profit on their investments.

Conclusion

The recent price increase of Cardano is a positive sign for ADA holders. However, one should always keep in mind that increased social activity can also lead to strong price movements. Therefore, it is important to always stay updated and closely monitor market developments.

Sources: Santiment, AMBCrypto

Share on Facebook Share on Twitter

The 3 best cryptocasinos

Up to 1 BTC + 100 Free Spins
First Deposit Bonus
9.9
/ 10
Very good
Play now

T&Cs Apply, 18+

Bets.io review
Cryptocurrencies (12)
  • Bitcoin Logo
  • usd-coin-logo
Bets.io review

Bonus information

Bonus code: BETSFTD
Wagering requirements: 40x the bonus amount
40x the winnings from free spins
Minimum deposit: 20 USDT or equivalent
Bonus validity: 14 days
  • Maximum bet per round while wagering: 2 USDT – 0.000066 BTC , 0.01 BCH, 0.0011 ETH, 0.02 LTC, 40 DOGE, 2.8 XRP, 25 TRX, 6.6 ADA, 0.008 BNB, 2 BUSD, 2 DAI, 2 EUR – 2 USD.
  • Bonus must be used within 30 days of registration.
Why we like this casino

Bets.io is an impressive crypto casino that boasts a variety of games and renowned software providers. The website is easy to use and offers a wide selection of games, which makes the gaming experience particularly enjoyable. Furthermore, the customer service is available 24/7. They are highly competent, ensuring a reliable and trustworthy service.

Last update by Isabella Brown (iGaming expert for > 10 years) on 19. February 2024
Curaçao
Licence
100% up to 1 BTC
Welcome Bonus
9.9
/ 10
Very good
Play now

T&Cs Apply, 18+

Metaspins review
Cryptocurrencies (9)
  • Bitcoin Logo
  • usd-coin-logo
Metaspins review

Bonus information

Wagering requirements: 25x deposit & bonus
Minimum deposit: 0,1 mBTC
Bonus validity period: 7 days
  • Bonus & deposit must be wagered 25x
  • Max amounts: 1 BTC/10 ETH/10,000 USDT/10,000 USDC/100 BCH/200,000 TRX/35,000 ADA/150 LTC/125,000 DOGE
  • 7 days to wager
  • Minimum deposit: 0.1 mBTC
  • Slots 100%, game shows 50%, other 0%
Why we like this casino

Metaspins is still a very young crypto casino, but it can already convince with a very modern website, a good selection of games and, above all, an excellent bonus.

Isabella Brown
Last update: 19. February 2024
100% up to 1 BTC + 100 Free Spins
Welcome bonus
9.9
/ 10
Very good
Play now

T&Cs Apply, 18+

Empire.io review
Cryptocurrencies (9)
  • Bitcoin Logo
Empire.io review

Bonus information

Bonus Code KC100
Wagering requirements Bonus must be wagered 40x
Winnings from free spins must be wagered 40x
Minimum deposit 30 USDT or equivalent
Maximum bet €5 per round
Bonus currency Only with BTC and USDT deposit
  • The free spins are given on Sweet Bonanza.
  • VERY IMPORTANT: The bonus is only available when depositing with these methods: BTC & USDT.
  • To take advantage of the offer, change your wallet to mBTC (μBTC) or USDT and activate the bonus by clicking on “Redeem Bonus” and entering the bonus code.
  • Only the first deposit counts for the bonus.
Why we like this casino

We absolutely recommend Empire.io since it has one of the best crypto teams we know behind it. On top of that, it offers an extensive selection of slots and live games. The bonus is also exceptional with good conditions.

Last update by Isabella Brown (Nerd of Numbers) on 23. February 2024
Curaçao
Licence

Latest News

Created by

I have enjoyed following the international iGaming industry since my first encounter at the age of 23. Fascinated by its diversity and complexity, I was hooked and have never left the industry since. Here at KC, I am a proud member of the founding team as well as the content team. We use everyone's knowledge to find every possible flaw in a casino so you can relax and play.
Reviewed by
Nerd of Numbers

Last update: 19. February 2024

🍪
We use cookies. By using this site, you accept them.