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Cardano (ADA), a leading altcoin, has seen a significant surge in positive sentiment. Santiment analytics show this bullishness is at its highest point in four months, with positive social media comments outnumbering negative ones by a ratio of 3.5 to 1.

This positive sentiment follows debunked rumors suggesting the SEC classified ADA's use case as "smart contracts for government services." The circulating document, submitted to the SEC website, was merely an opinion piece. Anyone can submit such opinions under specific conditions; however, these submissions don't necessarily reflect the SEC's official stance. This submission process is a standard part of the SEC's regulatory procedures.

On March 2nd, ADA experienced a dramatic price spike following an unexpected announcement that it would be included in a Bitcoin reserve. However, it has since retraced significantly, losing over 38% of its value since that peak. The inclusion was part of a less-than-credible "stockpile" alongside other major altcoins, whose acquisition method remains unclear, diminishing its perceived impact.

Currently, ADA is nearing a market capitalization parity with Dogecoin (DOGE). Their valuations are approximately $25.5 billion and $25 billion, respectively. While DOGE has seen a 4% increase over the past week, ADA has experienced a decline.

Despite this recent correction, the prevailing positive sentiment suggests the community maintains optimism. Read original article on U.Today