Cardano (ADA) Sentiment Surge

Cardano (ADA), a prominent altcoin, has seen a notable increase in positive sentiment.

According to analytics platform Santiment, it reached its highest level of bullishness in four months.

Positive comments related to Cardano on social media heavily outweigh negative comments, with a ratio of 3.5 to 1.

This trend follows debunked rumors suggesting the SEC classified ADA’s use case as “smart contracts for government services.” A document circulating on social media was submitted to the SEC as an opinion. Anyone can submit opinions; however, they don’t necessarily reflect the SEC’s views. This process is part of the regulatory framework.

On March 2, ADA experienced a significant price surge after the announcement that it would be included in Bitcoin’s reserve. However, it has since lost nearly all gains, dropping over 38% since its peak.

It became clear that ADA would join a dubious “stockpile” alongside other altcoins, but its acquisition method remains unclear, leading to skepticism regarding the hype surrounding it.

Currently, ADA is at risk of falling behind Dogecoin (DOGE) in market valuation. ADA is worth $25.5 billion, while DOGE is valued at $25 billion. DOGE has increased by 4% over the past week, contrasting with ADA’s decline.

Despite the significant correction in price, the positive sentiment indicates that the community remains optimistic.