- Cardano becomes the topic of discussion and anticipation ahead of Shelly network upgrade.
- On-chain activity, Google searches, and social engagement reveal the growing interest in the digital asset.
Cardano has continued to outperform most of the major cryptocurrencies in the market. The marvelous performance commenced after the network’s founder, Charles Hoskinson announced that the much-awaited Shelly upgrade was nearing its launch. Apart from the price jumping above $0.09, ADA’s market cap has also grown significantly to the extent of displacing Tezos (XTZ) from the tenth spot. At the time of writing, Cardano has a market cap of $2.17 billion after attracting $304 million in trading volume. Its closest rival, Tezos is now in the 11th spot with a market cap of $2.12 billion.
Search interest for Cardano shoots up
The search interest for ADA is at the highest level since January according to Google Trends. The rise in the interest is attributed to the expected network overhaul that is set to push Cardano’s decentralization a notch higher. Moreover, there has been a surge in the network’s on-chain activity as investors get ready for the Shelly upgrade.
The most intriguing feature of the Shelly upgrade is the support for staking. At the momentum, the network has opened the testing to the public. Anyone with the ability to operate a node has been asked to join the public testnet. In addition to that, Cardano hopes to rival platforms such as Ethereum by introducing smart contracts support.
According to the data from, LunarCRUSH, an analytics platform, social interest has increased massively, with more than 6,000 social media posts directly mentioning ADA in less than a day. Moreover, LunarCRUSH metrics found more than 10.7 million posts, comments, and retweets as well as favorites related to Cardano.
Cardano addresses on the rise
The number of ADA addresses are also on a spike according to data by IntoTheBlock on June 6. At the time of the release, there were 385,080 addresses holding Cardano. This number is the highest in the history of the digital asset. Institutional investment in Cardano has also not been left behind as the firm found that over $7 billion worth of ADA had been moved by large scale holders on May 31.
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