Cardano (ADA) Trading Volume Surging Rapidly Since Last 3 Days, Anyone Noticed?
- PHPzOriginal
- 2024-09-09 12:10:141181browse
The Cardano network saw a huge increase in trading volume over the last 4 days, thanks to new development activities around the Cardano blockchain ecosystem by the Snek meme coin project.
Cardano (ADA) price seems to be holding up well despite the recent crypto market sell-off triggered by the U.S. Federal Reserve’s hawkish stance.
Cardano price surged over 5% on Friday morning, outperforming other major cryptocurrencies like Bitcoin (BTC) and Ether (ETH), which both posted minimal losses. ADA price also surged over 50% for the week.
Cardano price surged as meme coin activity drove up trading volume on the Cardano network.
Meme coin activity drove up trading volume on the Cardano network last week. The Snek meme token project and Splash DeFi team introduced a meme coin launchpad on the Cardano network.
The launchpad for meme tokens on Cardano allowed users to create tokens for just 25 ADA. The engagement and trading on the network surged as a result.
In the first 10 seconds, over 20,000 users joined the launchpad. Within 24 hours, more than 2,000 tokens were released on the network, with trading volumes crossing 5 million ADA.
Cardano founder Charles Hoskinson highlighted the launchpad activity, saying that ADA price is surging because people are “building on Cardano.”
This new launchpad on Cardano is selling out 25 ADA tokens to create meme coins, which are then being listed on DEX's for trading.
This resulted in the highest ever trading volume on Cardano. I'm told that ADA price is surging because people are "building on Cardano".
This is Cardano. People creating value for themselves + others. Enjoy the weekend.
The Snek token project team acknowledged that their project caused network congestion and took full responsibility for the issues encountered.
“We take ALL responsibility for any issues. While we shared that some wallets and DEX’s are having issues, that doesn’t mean we are offloading blame. Ultimately it’s our product and our responsibility. Don’t blame Cardano fud Snek instead.”
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