A recent study by Santiment showed that Cardano has garnered more social media interest than Ethereum and Dogecoin.
Increase in Social Media Interest for Cardano
Santiment's research revealed that Cardano has gained more traction among social media users than Ethereum and Dogecoin. The analytics firm noted a significant rise in discussions about the cryptocurrency on platforms like X, Reddit, and Telegram, as the crypto community's focus shifted to Layer 1 assets like Bitcoin and Cardano, while interest in memecoins such as Dogecoin diminished.
Discussions Drive Cardano's Price Up
Santiment data shows Cardano's market cap recovered by 11% on a day when most digital assets were declining. Notably, large ADA holders have been actively accumulating the asset since November 2023. Over 15 months, wallets have added 1.41 billion ADA to their supply, contributing to a price increase of 107%.
Ethereum and Dogecoin Struggle Amidst Active Trading
Ethereum faces a decline, with its market cap dropping 36% over the past seven weeks. This decrease in ETH value was accompanied by a reduction in the ratio of supply in profit. However, the outflow of funds from exchanges may reflect investor confidence in long-term prospects. Dogecoin similarly shows decreased large transaction activity, indicating waning interest in the asset.
Santiment's findings indicate a shift in preferences within the crypto community, suggesting a more measured approach to investments. Renewed focus on Layer 1 assets like Cardano may contribute to a more stable market environment.
