According to the data from Google Trends, the search interest for Cardano (ADA), which is a decentralized public blockchain and cryptocurrency project and is a fully open-source, has set the highest record this year. The rising interest in this favorable blockchain platform has given rise to the network’s on-chain strength and major growth is coming from IOHK. All of this indicates that ADA coin could be up for a bull rally.
Cardano becomes the talk of the town:
Many promises have been made by Cardano over the past five years but it seems that they could never actualize. It took a lot of time for Cardano to really become popular and rise among the folks. Cardano is now close enough to bring about a network update by the name of Shelley, which will bring staking to the platform. This will help Cardano rise up to the forefront of the crypto market.
Search for Cardano skyrockets:
Shelley grabbed a lot of attention to its platform when it was open for testnet to all stake pool operators earlier this week. Its hype can be estimated from the various publications and tweets over social media. Data from Lunar, an analytics company, showed that nearly 6,000 social media posts mentioning Cardano were published in the past 24 hours alone. Moreover, the company’s metric measuring overall social engagement showed that there were over 10.7 million posts, comments, retweets, and favorites across all social media.
Surprisingly, not only social media posts are growing for Cardano but also the number of searches that have been made for the platform is the highest in the past two years. All of this helped the network to increase its strength significantly. According to a report by IntoTheBlock, a blockchain analytics firm, more Cardano addresses are holding more ADA than ever before, with the metric reaching 385,080 addresses late last week despite seeing a consistent growth since 2018.
This turns out to be good news because it indicates that ADA is becoming more fluid and being distributed to the retail users. Although it doesn’t mean that it is lacking institutional money. According to the data from IntoTheBlock showed that $7 billion worth of ADA, which is more than 300 percent larger than its current market capitalization, was transacted by large-size holders on May 31 alone.
Another factor that adds up to the Cardano’s bull market is that three of the company’s seven core metrics — Net Network Growth, Smart Price, and the Bid/Ask Volume Imbalance are currently “bullish”. As reported by LunarCrush, the overall social sentiment towards Cardano is almost 80 percent bullish, which could further hyper up its market value.