According to the new White House Energy report, Cardano It is one of the largest proof-of-stake blockchains in the world in terms of power consumption and market rating.
The report, published by the White House, aims to understand the impact of the cryptocurrency space on climate change. We also considered whether there are reforms that governments need to implement to improve the environmental impact of the cryptocurrency market.
On one page of the report, the White House ranked all cryptocurrencies by market valuation and energy consumption. Cardano ranked him 3rd overall, and the Proof of Stake front also saw him take 1st place.
sauce: White House
The aforementioned revelation has inspired Cardano supporters and community members. As expected, Cardano quickly gained a lot of support on his Twitter, with many saying this was a bullish sign for $ADA.
For example, Crypto Capital Venture founder Dan Gambardello tweeted:
This is the White House Energy Report. #cardano As the world’s largest proof-of-stake blockchain. probably something. $ADA pic.twitter.com/s6mkF4pbfO
Dan Gambardero (@cryptorecruitr) September 9, 2022
The announcement was seen as a nod of approval from the White House, and people on social media responded positively to the update.
Cardano’s social media presence has been steadily increasing for quite some time, with a 20.55% increase in social engagement and a 29.97% increase in social mentions. Moon.
However, this is not the only good news for ADA as ADA volume has been growing steadily without significant volatility for quite some time. It rose from $32.33 million to $763.21 million.
Additionally, the MVRV ratio is also steadily rising, which is another indicator of a bullish future.
Source: Santimento
It’s worth noting here that developer activity has dropped sharply. in Vacyl hard fork Up close, this can also be frowned upon.
There are no signs of delays in its development and the developers are very positivewhich could be seen as a cause for concern.
Source: Santimento
$ADA is trading at $0.5147 at the time of writing, while altcoin has surged 0.55% in 24 hours.Cryptographic The price has recently been trading between the resistance at $0.519 and the support at $0.431. The RSI reading is 65.54, which is a good indicator that buyers are gaining momentum at the moment. The future looked very bullish for ADA on the charts as the altcoin price tested the $0.51 resistance.
The final CMF was 0.08. Currently, this looks like a somewhat bullish reading, but it’s not a strong enough indicator for a bullish future for ADA.
sauce: ADA/USDTradingView
Therefore, traders are advised to do more research before taking a position. Readers can expect a lot of volatility as the highly anticipated event, the Vasil hard fork, is approaching.
Readers are encouraged to look into other developments such as: The latest version of Cardano’s Daedalus wallet To better understand where the ADA is headed.