ADA is up 16% but threatens to decline sharply as the Cardano community is “overexcited”
As the time for smart contracts to activate approaches, Cardano’s native asset, ADA, is up nearly 16% on the Binance exchange.
IOG CEO and Cardano founder Charles Hoskinson reminded the community that the Alonzo hard fork will start on September 12th at 21:44 UTC, which will allow users to place smart contracts on the largest proof-of-stake Build blockchain.
The source: IOHK
However, the online data provider Santiment warned that prices could fall again as soon as the Cardano community is “overexcited or scared”.
???? #Cardano has risen by a rapid 12.5% in the last 15 hours after last week #FUD towards market capitalization # 3 #Crypto Project. Social spikes keep telling the story. If that $ ADA If the crowd gets overly hyped or angry, the price trend will usually stall. https://t.co/9p6Lc0qNox pic.twitter.com/OIGlCyENqv
– Santiment (@santimentfeed) September 11, 2021
“Cardano is up 12.5% in the last 15 hours from last week’s FUD. The rise in the social index shows that if the ADA crowd is overly excited or scared, the price will go down thereafter. “
On September 9, ADA plunged along with other cryptocurrencies from $ 2.9, hitting consecutive lows of $ 2.16 and then $ 2.21. Dogecoin also saw a sharp decline on the same day after Bitcoin fell below $ 50,000.
As reported by Bitcoin Magazine, Hoskinson pointed out that the ADA price drop was caused by a Bitcoin correction rather than an FUD related to technical issues that the decentralized multi-pool exchange Minswap, which recently launched on Cardano, was facing was faced.
According to U.today