đ„đ„đ„ Cardano Founder Congratulates Cardano for This New Achievement
Cardano Founder #charleshoskinson Celebrates Network Milestone
Cardano founder Charles Hoskinson expressed his gratitude for a recent achievement on the Cardano network. Early Saturday, Hoskinson quoted a post from #Memecoinđ€đ€ project Snek, congratulating them with a "well done" message.
Hoskinson's retweet highlighted Snek's post celebrating a new daily transaction volume high on the Cardano network. On Friday, the blockchain recorded its highest-ever 24-hour DEX trading volume, driven by a surge in network activity.
Snek.Fun Fuels Cardano's Volume Surge
This record-setting performance followed the launch of the memecoin creator platform, Snek.Fun, on Thursday. The platform saw a massive influx of users within its first hour, leading to API overloads and slower transactions.
The surge on August 8 marked the first time since early July that Cardano's daily trading volume exceeded 30,000 ADA. On Friday, the volume surged past 35,000 ADA for the first time in the blockchain's history, with most of the activity driven by Snek.Fun.
Snek.Fun attracted a large number of creators and traders eager to leverage the growing hype around memecoins on Cardano. The platform reported over 20,000 users within ten seconds, with thousands of memecoins being deployed. Users paid 25 ADA to create memecoins on the protocol, contributing to the network's record-breaking activity.
The Memecoin Narrative's Potential Impact
Analyst Max Maher suggests Cardano could grow by generating buzz, similar to Solana's memecoin frenzy and Ethereum's rise with spot ETFs.
Snek.Fun could be the catalyst for a similar memecoin craze on Cardano, potentially attracting new users and traders to the network. If the trend continues, ADA and other tokens on the Cardano blockchain could experience substantial gains.
At the time of writing, ADA is trading at $0.3216.
Source - thecryptobasic.com
