Cardano’s Twitter and trading volumes have hit 6-month lows. Data from The TIE, a company that resembles Bloomberg Terminal and concentrates on information services for digital assets, shows that Cardano’s popularity on Twitter, a well-known social media network, has fallen to a six-month low.
Notably, the interest rate decline coincided with a sharp decline in trade volumes, which are currently at their lowest level in six months. Having said that, the price of ADA has lately increased, rising by almost 10% just in the last week.
According to reports, the coin momentarily outperformed the XRP-related Ripple on Sunday in terms of market capitalization.
Cardano’s much anticipated Vasil hard fork is coming soon
The upcoming Vasil hard fork, which is expected to dramatically improve the network’s performance, is the main reason for the current price rise. The update, which was initially planned for June 29, has been delayed due to technical difficulties.
The team behind Cardano, Input Output, has yet to publicly announce a new launch date, however, it was initially anticipated that the hard fork rollout would take place in the last week of July.
Even if Cardano has lost some of its shine on social media, development activity is still quite active. According to reports, the network already has more than 1,000 projects that are actively being developed. ADA remains the seventh-largest cryptocurrency by market valuation, according to CoinMarketCap.
Santiment claims that Cardano is still the cryptocurrency asset with the highest level of development: “According to our study of code pushes, issue interactions, and other factors, Cardano remains the cryptocurrency asset that is the most developed. Routine updates from teams are removed to ensure that only relevant development is shown.”
ADA is currently trading at $0.4987, a 6.8% increase in the last 24 hours, as the market is rallying in the green.