These 3 cryptocurrencies have the largest increase in social volume

TL;DR

Cardano (ADA) was among the cryptocurrencies that saw the biggest increase in social volume earlier this week. Ripple (XRP) and Solana (SOL), which were previously trending, did not make the list this time. Here are the leaders

According to crypto analytics platform Santiment, Bitcoin (BTC), Cardano (ADA) and Velo Protocol (VELO) witnessed the largest increase in social volume on Monday (September 2). Most of the conversations surrounding the mainstream cryptocurrency focused on the challenges facing BTC miners, possible price drops, and whale activity.

As CryptoPotato recently reported, August has not been kind to miners. They generated $827 million in revenue, down 10% from the figure seen in July. Additionally, BTC mined stood at 13,843, which represents a 5% decrease from the storage produced in the previous month.

Separately, August saw increased whale activity. Santiment recently estimated that 283 wallets with at least 100 BTC emerged in the last month alone. The total number of such addresses has soared to 16,120, a 17-month high.

For its part, Cardano (ADA) has been at the forefront of the talks due to “concerns about its market position, adoption rate and utility compared to other cryptocurrencies.”

“There are ongoing discussions about its technological advancements and potential use cases, especially in Africa, which contribute to Cardano’s prominence in the crypto community,” Santiment added.

Another potential reason that may have increased social volume around the blockchain protocol is the implementation of Chang’s long-awaited hard fork. It focuses on complete decentralization and community-driven governance within the ecosystem. Despite the update, ADA’s price remains well in the red on a weekly basis, currently trading around $0.32.

ADA price, Source: CoinGecko

Velo Protocol has been trending due to the impressive price performance of its native token despite the broader market correction. VELO is up 30% weekly and is currently worth around $0.016. In comparison, the value of BTC has dropped by 6.5% over the same period.

According to Santiment, other factors that may have increased Velo Protocol’s popularity include “community voting and participation” within the ecosystem. “In addition, there are references to official contract addresses and reminders about scams,” the platform concluded.

XRP and SOL are missing

While Bitcoin (BTC) was once again the trending cryptocurrency about a month ago, the other assets in line included Ripple (XRP), Solana (SOL) and more.

Discussions about XRP focused mainly on its substantial price increase at the time and the ongoing legal battle between Ripple and the US Securities and Exchange Commission. Shortly thereafter, the lawsuit witnessed a major development, with Judge Torres ordering the company to pay a $125 million fine for violating certain securities laws.

“Solana is trending in given texts due to discussions of investors returning to Solana, the possibility of a Solana ETF, and an exciting new cryptocurrency,” Santiment added.

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