The price of ADA currency continues to rise, and the trading volume of ADA currency surges by 40%!

The price of ADA currency continues to rise, and the trading volume of ADA currency surges by 40%! In the past 24 hours, Cardano’s trading volume has surged by approximately 41.95% to $461.96 million, indicating growing interest in the cryptocurrency. ADA has been one of the winners of the recent cryptocurrency rally.

Cardano founder Charles Hoskinson celebrated the rise of ADA and shared a video showcasing the progress of its Layer 2 scalability solution, Hydra. ADA has been positive since the beginning of the year.

Cardano trading volume increased by more than 40%, and Coinglass data showed that Cardano’s open interest (OI) also rose by 8.44%, equivalent to $246.79 million. OI peaked on May 4 at $588 million.

The community backed Cardano’s positive numbers, posting sentiments such as “We are back.” Some traders attributed the boom to the announcement of smart contract updates and Hoskinson’s continued encouraging messages about progress on June’s pledge.

However, the response from the community has been mixed. While recent developments have fueled excitement and hope for the future of ADA, there is also a palpable sense of frustration and skepticism. Many members recall that past forecasts did not materialize as expected, and current market dynamics have increased their caution about the outlook.

ADA has shown significant changes these past few weeks. Recently, the Zug, Switzerland-based Cardano Foundation announced the appointment of Giorgio Zinetti as its Chief Technology Officer (CTO). The announcement signals that the project is preparing for growth and innovation.

In addition, the Cardano Treasury announced the accumulation of 1.5 billion ADA tokens, worth more than $720 million, accounting for more than 4% of the circulating supply. This accumulation enables the organization to propose and vote on projects eligible for Treasury funding.

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In March, Cardano launched USDM, the first stablecoin pegged to the U.S. dollar and fully backed by fiat currencies. The new entrant aims to gain a foothold in the highly competitive $160 billion stablecoin market dominated by Tether and Circle.

Finally, Cardano’s price rose by more than 5% to $0.48 following an increase in daily trading volume. ADA grew by 27.35% last year and has a market value of more than $17 billion.

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