According to data provided by cryptocurrency analytics platform Santiment, Cardano is currently experiencing “historically high” address activity spikes.
Other cryptocurrencies with a notable surge in address activity include Quant and Holo.
Historically, this means that such crypto assets could potentially experience a price bounce in the near future.
That said, according to data provided by Market Prophit, Cardano sentiment remains overwhelmingly bearish. This applies to both crowd sentiment and smart money sentiment. This bearishness is, of course, not limited to Cardano since the entire market took a hit on Friday and continued to experience underwhelming price action throughout the weekend.
Cardano's disappointing price action
The Cardano network recently implemented the Chang hard fork.
Despite the hype surrounding the much-anticipated upgrade that brings decentralized governance, it failed to result in a substantial price spike for the cryptocurrency.
According to data provided by CoinGecko, the cryptocurrency remains outside the top 10 at press time.
It is lagging behind other major cryptocurrencies of the likes of Dogecoin (DOGE) and Tron (TRX).
Cardano’s underperformance was recently brought up by Bitcoin maximalists during another spat with Input Output CEO Charles Hoskinson.
The cryptocurrency, which was once pitched as the leading “Ethereum killer,” now accounts only for a tiny fraction of Bitcoin’s total market cap. This, of course, flies in the face of Cardano enthusiasts who believe that te blockchain will be able to supersede Bitcoin because of its allegedly superior technology.
It is down nearly 90% from the record peak that was achieved in 2021 around the release of the smart contract-enabling Alonzo hard fork. Back then, ADA managed to make it to the top five.
Arman Shirinyan
Dan Burgin