The cryptocurrency world is still in its nascent stage and yet, every project has been working towards crypto-adoption. While other coins are busy promoting themselves, Cardano’s progress has been reflected in the market after it grew by 24% in four days.
Giving in to Weiss Ratings’ reputation as a speculator, the agency claimed that the Shelley core update and Coinbase’s listing had triggered the buying sentiment. Weiss Ratings said,
“#Cardano leads crypto market with staggering 24% gain in just 4 days. #Shelley core update and #Coinbase listing seem to be the culprits triggering a fresh wave of buying sentiment. #ADA staking should do wonders for this project. First sign of real progress since 2017. #ADA”
The Shelley core update is expected to be rolled out on June 15, and is aimed at strengthening the company’s prospects of blockchain-driven decentralization. The eleventh largest coin, according to CoinMarketCap, also saw its popularity on Twitter rise, corresponding to its recent developments.
Weiss Ratings had recently conducted a poll on Twitter to identify the crypto-community’s favorite coin among XRP, Cardano [ADA], Tron [TRX], and other altcoins. These polls are taken seriously in the ecosystem to identify the most favorable coin for users and has often been used as a precursor to listing a project by prominent exchanges. Weiss Ratings further informed its users that a paper by Pacific Northwest National Laboratory analyzed discussions on Reddit for 3 years, eventually concluding that Bitcoin was the most popular coin on Reddit, followed by Ethereum and Monero.
At press time, ADA was falling by 5.06% over the past day, but was moving up by 1.66% within the hour. The coin was valued at $0.0884, with a market cap of $2.29 billion. The 24-hour trading volume of the coin was reported to be $386.86 million.