Cardano community raises 2M ADA for SNEK’s Vegas Sphere feature, showcasing strong support for the blockchain's top memecoin.
Cardano sees a surge in long-term ADA holders, with 40% of the total supply held by investors, signaling growing network confidence.
The upcoming Chang hard fork aims to enhance Cardano’s governance, potentially driving further adoption and market growth.
In a display of community solidarity, the Cardano network banded together to contribute 2,000,000 ADA, equivalent to $650,000, to secure a week-long feature for SNEK on the prominent Vegas Sphere.
https://twitter.com/BenElferink/status/1823953623203582376
This initiative highlights the collective spirit within the Cardano ecosystem, where participants collaborate to amplify the presence of key projects. SNEK, a deflationary memecoin launched on the Cardano blockchain, has rapidly ascended to become the most traded token on the platform.
SNEK, Cardano’s Leading Memecoin
SNEK has established itself as a major digital asset within the Cardano ecosystem, boasting a market capitalization of $54.8 million and a circulating supply of 73.2 billion SNEK tokens. The token’s 24-hour trading volume reached $641.9, demonstrating consistent market interest. Notably, the token’s fully diluted market cap is valued at $56.6 million, reinforcing its position as a leading meme-based cryptocurrency.
Surge in Long-Term ADA Holders
Meanwhile, the Cardano network has seen a substantial increase in long-term ADA holders, marking a forward step in its growth. Nearly 40% of the total ADA supply is now held by long-term investors, with 72% of holders classified as long-term "hodlers."
This shift indicates growing confidence in Cardano’s future, driven by its expanding use cases across the blockchain. Additionally, Cardano currently processes $7.2 billion in daily on-chain volume, supported by a low Network Value to Transaction (NVT) ratio of 2.62, suggesting the cryptocurrency might be undervalued.
Upcoming Hard Fork and Market Performance
Further boosting Cardano’s prospects is the upcoming Chang hard fork, which is set to introduce enhanced governance features to the network. This development, already making progress among stake pool operators, could drive further adoption and market confidence.
Despite challenges in attracting new users, Cardano’s transaction count and active user base have remained stable, signaling a loyal and engaged community. ADA has shown slight upward momentum, stabilizing around the $0.34 mark, with the potential for a bullish breakout if it surpasses the $0.45 resistance level.
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