Cardano (ADA), one of the leading altcoins, has logged a significant spike in positive sentiment.
According to analytics platform Santiment, it has recorded its highest level of bullishness in four months.
Positive Cardano-related social media comments substantially outnumber negative ones (3.5 to 1).
This comes amid debunked rumors about the SEC classifying ADA's use case as "smart contracts for government services." The document, which has been circulating on social media, was simply submitted to the SEC website as an opinion. Anyone can possibly submit an opinion under certain conditions, but it does not have to align with the SEC's own views. The SEC's submission process is part of the regulatory process.
On March 2, ADA experienced a massive price spike after it was unexpectedly announced that the token would become part of the Bitcoin reserve.
Yuri MolchanHowever, it has since given up virtually all of its gains, plunging by more than 38% since the March 2 peak.
It turned out that ADA would be included in the sketchy "stockpile" alongside some of the other top altcoins. The stockpile is unlikely to live up to the hype since it is not clear how tokens will be acquired in the first place.
Now, ADA is on the cusp of slipping back Dogecoin (DOGE). The two cryptocurrencies are currently valued at $25.5 billion and $25 billion, respectively. DOGE has gained 4% over the past week while ADA has lost some ground.
Still, the positive sentiment indicates that the community remains upbeat despite the massive correction.
Vladislav Sopov
Dan Burgin