Cardano price went haywire over the weekend as price reached new ATH as ADA’ social engagement increased rapidly
As AZCoin News reported, Cardano (ADA) began trading for the first time on the Japanese exchange BITPoint. This means that the people of Japan (a country with a population of about 126 million people) can more easily invest in ADA. With good news like this and the development of ADA over the years, Cardano price has at one point made a new all-time high at $2.95, recording a 33% gain over the past seven days.
ADA/USD 4-hour chart | Source: TradingView
Cardano’s social engagement surpassed Bitcoin as Cardano price broke ATH nearing $3
Sebastien Guillemot, CTO at dcSpark, said that ADA has finally been approved for listing on a Japanese crypto exchange and explained why this is a big deal. Guillemot says it is not easy for crypto assets to gain regulatory approval to get listed on exchanges. That is why only a relatively tiny number of crypto assets have been approved so far.
BITPoint said that because it is designed with high scalability, it is expected that many dApps will be developed and used by the introduction of smart contract technology that will be implemented in the future, and further growth of the ecosystem and protocol will be achieved. Well, earlier today, the ADA-JPY pair got listed on BITPoint, and trading went live.
ADA now officially on a Japanese exchange! ?? $ADA https://t.co/HQn6MNq4Cc
— Sebastien Guillemot (@SebastienGllmt) August 24, 2021
Charles Hoskinson, the CEO of IOHK, had this to say about the historic event:
Source: Charles Hoskinson/Twitter
With Cardano’s price skyrocketing to new all-time highs, the asset has garnered the attention of the cryptocurrency crowd. On-chain data from social media platforms confirmed that ADA had become the most talked-about crypto in the past few days.
Back on July 20th, when the entire market corrected, it dumped below $1. This came after exploding by more than 1,200% in the first few months of 2021. After the massive retracement, though, ADA started to return to its glory days rapidly. It doubled in value in a few weeks, kept climbing, and broke above its previous ATH just recently. ADA’s latest record of $2.95 – recording a 194% gain since July 20 and a year-over-year increase of more than 1,500%, which is somewhat expected, has caught the community’s attention.
Twitter Mentions of ADA and Cardano | Source: Santiment
The number of mentions of the Cardano and ADA hashtags went through the roof on Twitter during the weekend. This growing engagement will have a significant hand in whether prices continue towards $3 and beyond. The number of Twitter mentions even surpassed Bitcoin’s, even though the primary crypto spiked above $50,000 for the first time since May.
While the short-term Twitter engagements exploded over the weekend, Google trends data shows that there could be more attention coming.
Worldwide Cardano Google Searches 12M | Source: Google Trends
The number of Cardano keyword searches on Google has undoubtedly increased recently. However, they are still far from the May top when Cardano price hit ATH at that time. Since Google trends are typically a good indicator for retail investors’ behavior, it’s safe to assume that they haven’t arrived fully yet.
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