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