Following the release of the latest Valid adoption update on August 27, Cardano’s weekly rollercoaster reached another height. By using the Pool Tool, we found that 69 percent of ADA staking pool nodes have upgraded to the most recent version, 1.35.3. However, the community is waiting for another 6% before launching Vasil.
Surprisingly, ADA had a strong start to the week, but then everything in the cryptocurrency market crashed after Powell’s speech. At the same time, that caused red alerts in top digital tokens the day before. For instance, despite having led the weekly rally, ADA has recently suffered a devastating setback. At the time of writing, the altcoin was trading at around $0.43, down 8.31% from its day-ago high.
With the widespread acceptance of Vasil, Cardano has been more popular on social media. According to LunarCrush, Cardano was the most popular cryptocurrency on August 26. This is not surprising given the cryptocurrency’s stellar performance as of late. Furthermore, statistics demonstrated a 55.57% increase in ADA’s social prominence over the course of the last month.
Meanwhile, the number of people who contributed tokens and were mentioned on social media increased by 26.04% and 23.63%, respectively, during the time period under consideration. Input Output’s enthusiasm remained unchanged thanks to the upgraded Vasil, which is boring. For the ADA community, for instance, they have launched a website with all the newest information on Vasil.
So, What Should We Do About ADA Now?
The most recent drawback of ADA cannot be attributed to poor network performance (considering the prevailing market conditions). According to the graph provided by Santiment, until about the middle of August, ADA was a profitable coin for investors to own. In the meantime, revenue dropped on August 19 as the token’s value experienced a precipitous decline. The MVRV ratio is -13.34% as of right now, therefore the trend has continued.
Investors in Cardano Exult
The Federal government’s tensions are expected to subside in the next days, providing some relief for Cardano investors. Seeing some people on Twitter condemn Fed’s Powell for his recent comments is mind-boggling. In the coming weeks, a rise in the value of $ADA is inevitable.
Meanwhile, widespread market signals were mostly pessimistic, with most cryptocurrencies continuing to decline. At the time of writing, the total market capitalization of all cryptocurrencies was $969.11 billion, down 0.27 percent from its previous 24-hour high. Additionally, Bitcoin has dropped by 0.86% over the past 24 hours to $20,066.46.