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 is a popular Proof-of-Stake (PoS) crypto blockchain network, developed and founded by Ethereum co-founder Charles Hoskinson in 2017. Hoskinson avoids promotional stunts, believing that innovative developments will drive Cardano blockchain adoption, not hype.
At the time of writing, the total 24-hour trading volume of ADA coin is $211.85 million, up 24% compared to the previous day’s trading volume.
#Cardano (ADA) trading volume surging rapidly since last 3 days. Anyone noticed? pic.twitter.com/Sp4NJaUWfQ
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The current trade price of ADA coin is $0.338, 5% higher over the last 24 hours, which is impressive when compared to other crypto assets in the same period.
The sudden spike in trade volume within the Cardano ecosystem is due to the meme coin launchpad introduced by the Cardano network-based Snek meme token project and the Splash DeFi project team.
Thanks to the meme token launchpad, the Cardano network experienced its highest-ever trading volume. Cardano founder Charles Hoskinson responded by saying, “Well done,” to the projects.
This new launchpad on Cardano allows users to create tokens for just 25 ADA, boosting engagement and trading on the network. In the first 10 seconds, over 20,000 users joined, and within 24 hours, more than 2,000 tokens were released, with trading volumes exceeding 5 million ADA.
The Snek token project team acknowledged that their project caused network congestion and took full responsibility for the issues, urging users not to blame the Cardano network team for the problems.
Read also: Russian Bitcoin Miners Generate 50 Billion Rubles in Revenue for the Government in 2023
$ADA Trading Volumes Soar to All-Time High, as Cardano Welcomes New Meme Coin Launchpad
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