Exciting Growth: Cardano Sees Record Daily Trading Volume Thanks to Snek.Fun
Cardano has reached a new milestone in daily trading volume, driven by the launch of Snek.Fun, a memecoin platform. Charles Hoskinson, the founder of Cardano, celebrated this achievement, congratulating the platform on Twitter and remarking on the network’s significant growth.
A New Record for Cardano
On Saturday, Charles Hoskinson retweeted a post from Snek.Fun, highlighting the surge in Cardano’s daily transaction volume. By Friday, Cardano’s blockchain experienced its best 24-hour trading period in history, driven by increased user engagement on the network.
This record-breaking figure followed the release of Snek.Fun on Thursday. The platform saw an immediate influx of users, causing a spike in API load and slowing transaction times on the network. On August 8th, Cardano surpassed 30,000 ADA in daily volume for the first time since early July. By Friday, it had exceeded 35,000 ADA, marking a new high for the blockchain.
Snek.Fun Boosts Cardano Activity
The heatmap for trading activity revealed that Snek.Fun was responsible for much of the increased volume. The memecoin protocol attracted both creators and traders, eager to participate in the growing excitement within the Cardano ecosystem. Over 20,000 users joined the platform within the first ten seconds of its launch, minting thousands of memecoins through the Cardano network. Notably, Snek.Fun charged users 25 ADA to create memecoins on its protocol.
The Potential of Memecoins on Cardano
If Cardano continues to capitalize on the memecoin trend, it could rival the popularity of other blockchains like Solana and Ethereum. Solana’s blockchain gained significant traction due to memecoin hype, while Ethereum benefited from exchange-traded funds (ETFs). The success of Snek.Fun could bring a similar narrative to Cardano, attracting new users and traders.
Read more Neiro Surpasses Shiba Inu with Over 600% Surge After Binance Listing
If this trend persists, Cardano may experience a new wave of memecoin excitement, potentially driving up the value of ADA and other tokens on the blockchain. As of now, ADA is trading at $0.3235.
Important Notice: The content of this article is for informational purposes only and should not be construed as financial advice. chinwa.tech
assumes no responsibility for any investment decisions made based on the information provided herein. It is strongly advisç zed to seek the guidance of a qualified specialist or financial advisor before making any investment choices.
