- Cardano, ADA and other cryptos have missed out on recent growth
- The use of social media and narratives to create buzz may be the winning formula.
Cardano is not the only cryptocurrency that has lagged behind large-cap peers. The most obvious examples are NFTs and transactions.
Cardano may have underperformed because it has not been able to take advantage of market trends such as Solana The following are some examples of how to get started: Ethereum did.
In the past year, memecoins were at the forefront in many bullish phases. Cardano, however, had only a few memecoins to capitalize on this trend. Perhaps the issue was that there wasn’t enough buzz around these memecoins to draw users into Cardano.
What is the delay?
Max Maher, a crypto analyst recently pointed out There are three main reasons that Cardano has underperformed. Cardano does not have the same narrative as Ethereum’s ETFs or Solana memecoin. He also made a second point about network security, as many people have yet to understand its values.
Cardano’s opponents may be influenced by community sentiment, as suggested in the third point.
‘The network has no hype’ – This narrative has gained much popularity over the last few months. The Cardano community is aware of this problem and has taken steps to correct it.
Cardano’s social metrics does reflect the lackluster hype. Cardano Telegram sentiment showed low enthusiasm over the last year. In the meantime, Telegram’s channel has seen a decline in members since the bull run of 2021.
Telegram is one of the most popular social networks for crypto enthusiasts this year. This confirms the poor social performance.
In the process, we also looked at Cardano’s search trend. The price of ADA was correlated with this metric. The search trend indicator is declining, as expected.
Cardano may be able to turn the tide with a change in attitude towards social sentiment. For instance – Some of the projects existing in its ecosystem such as Snek have been aiming at a more pronounced social presence. It may be that it takes more.
Cardano The company has begun to increase its focus on key stories for the current bull market. The projects it has in the DePin segment and AI have the potential to draw more investors’ attention.
ADA, on the other hand, has traded at a notable discount. Once Cardano’s stories finally take off, this may become attractive.
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Source: ambcrypto.com