Cardano (ADA)–The eighth largest cryptocurrency by market capitalization continues to gain momentum following the landmark announcement by U.S.-based cryptocurrency exchange Coinbase.
On Friday, Coinbase made waves across the industry by announcing it’s exploration into five new cryptocurrencies: Basic Attention Token (BAT), Zcash (ZEC), Stellar (XLM), 0x (ZRX), and Cardano (ADA). While some cryptocurrency communities felt snubbed by the lack of mention, the five coins selected rejoiced over the potential exposure to 13 million customers and subsequent price appreciation that Coinbase listing would entail.
Today we are announcing that we’re exploring the addition of the following assets to Coinbase: Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). https://t.co/qoECyR0V1f
— Coinbase (@coinbase) July 13, 2018
On cue, all five cryptocurrencies experienced significant pumps in pricing following the announcement, as investors scrambled to buy the coins at a lower value than what they hoped would be offered from the outset on Coinbase. In addition to the price appreciation, Cardano experienced a wave of invigorating interest. Judging by the data published on Google Trends, Cardano is nearing a peak in search volume over the last 90 days, with interest more than doubling before and after the news tying ADA to Coinbase.
Prior to Friday, Google search volume for Cardano was exhibiting a typical fluctuation over time, with the currency’s interest trending below it’s historical average. However, following the announcement by Coinbase that they were exploring ADA, Cardano search volume displayed a sharp increase, doubling its trending output in less than 24 hours.
Google Trends has been used as indicator in the past for both price interest as well as judging the popularity of the coin. While Google’s published data tends to lag several days behind actual search numbers (at least on the more reliable 90+ day charts), it does give an indication that Cardano is achieving renewed interest among investors and cryptocurrency enthusiasts. An increase in search volume has almost universally correlated to an in increase in price for a coin, with Cardano pushing a 22% appreciation in value since the Coinbase release. Search volume tends to have a snowballing effect. As more investors see the price of a currency rise, they start searching for general information on the investment or a reasoning for the price pump. This leads to greater interest in the coin, in addition to more investment dollars. While Google Trends and price appreciation suffers from a “chicken or the egg” debate (do coin prices rise because of interest, or vice-versa?), Cardano’s steep increase in search volume is good for both short term price appreciation and long term adoption.
Cardano, through the efforts of the IOHK team and CEO Charles Hoskinsons, has developed a strong media and community presence, hosting a regular dialogue with both investors and enthusiasts to keep them up-to-date on coin news. Of the five cryptocurrencies under exploration by Coinbase, Cardano has quietly put together an impressive list of fresh news and development, ranging from the applications of Ouroboros in solving the issue of Proof of Stake, to a recent trip to the Google offices in London, sparking speculation over a possible partnership.