Cardano (ADA) has seen a notable surge in positive sentiment, reaching a four-month high. This was primarily driven by misleading SEC rumors, which were subsequently debunked.
Cardano's Surge in Optimism
Cardano registered the highest positive sentiment in the past four months. Analytics firm Santiment reported that favorable social media commentary outweighed negative posts by a 3.5:1 ratio, indicating renewed interest in the token.
Rumor-Driven Price Increase
The rise in optimism followed the circulation of a document submitted to the SEC's official website. This document mentioned Cardano’s smart contract potential for government services. Although it did not receive an official release from the SEC, it generated significant traction. Once clarified as unofficial, ADA's price rapidly retreated.
Charles Hoskinson's Remarks and Market Reaction
Cardano founder Charles Hoskinson addressed allegations of centralization, dismissing claims as unsupported by facts. Despite the market correction, sentiment around Cardano remains positive among its community.
Despite a significant price drop, Cardano retains a market cap edge over Dogecoin. The recent developments highlight both the strength and susceptibility to misinformation within the Cardano community.
