Analytics platform Santiment reports that Cardano has reached its peak in positive social sentiment in the last four months.
Rise in Positive Sentiment
According to analytics platform Santiment, Cardano (ADA) has recorded its highest level of bullishness in four months. Positive Cardano-related social media comments substantially outnumber negative ones (3.5 to 1).
SEC Rumors
Amid the positive sentiment, rumors emerged about the SEC supposedly classifying ADA's use case as 'smart contracts for government services.' However, the document was merely submitted as an opinion on the SEC website and does not reflect the official stance of the commission.
ADA Price Volatility
On March 2, ADA experienced a massive price spike after it was unexpectedly announced that the token would become part of the Bitcoin reserve. However, the price has since plunged by more than 38% from its peak. The manner in which the tokens will actually be acquired for the so-called reserve remains unclear.
Despite recent price fluctuations, the positive sentiment indicates that the community remains optimistic about Cardano.
