According to U.Today, Cardano has recorded a significant $6.52 billion in large transaction volume over the past 24 hours, closely trailing Ethereum's $6.94 billion. Large Transactions Volume measures the total amount transacted by whales and institutional players on a given day, with transactions exceeding $100,000. This spike in large transaction volumes suggests increased activity among institutional investors in Cardano.

While Ethereum continues to lead in total value locked (TVL) and the number of decentralized applications (dApps), Cardano's substantial transaction volume indicates growing institutional interest. This growth comes amid a broader market sell-off. Ethereum, the second-largest cryptocurrency by market capitalization, experienced a 20.94% decline in large transaction volume as its price dropped 4.22% in the last 24 hours to $3,177. Similarly, Cardano's price fell 3.82% to $0.385, ranking it as the 10th largest cryptocurrency by market cap.

The cryptocurrency market faced significant selling pressure as investors reacted to the outcome of the July Federal Reserve meeting. Most cryptocurrencies saw a decline in value. The Federal Reserve left benchmark interest rates unchanged and provided little indication of a potential rate cut in September. Fed Chair Jerome Powell mentioned that while no decisions have been made regarding a September cut, there is a general sense that the Fed is moving closer to an interest rate reduction.

According to U.Today, a new meme coin named NIKE has emerged in the Cardano ecosystem, gaining significant popularity within 24 hours of its creation. The coin was inspired by a social media post from Charles Hoskinson, the creator of Cardano, featuring a picture of his pet pig, Nike. The NIKE coin has quickly amassed a market capitalization of 1.72 million ADA, equivalent to approximately $650,000. Its trading volume has also reached 1.51 million ADA, making it the third most traded token in the Cardano ecosystem in the last day.

Hoskinson expressed his astonishment at the rapid rise of the meme coin, which approached a million dollars in value in less than 12 hours from his initial post. As NIKE continues to gain momentum, it poses a challenge to another popular meme coin in the Cardano ecosystem, SNEK. SNEK, currently the largest meme coin in the ecosystem, has a market capitalization of $74 million and a trading volume of $607,179. The swift ascent of NIKE has sparked speculation about whether it could surpass SNEK in both popularity and value.

This unexpected event underscores the enthusiasm of the Cardano community and the influence of attention on market trends. The emergence of NIKE as a strong contender against established tokens like SNEK could potentially intensify competition among meme coins within the Cardano ecosystem. As this new development unfolds, many in the ADA community are keen to see if the pig-themed coin can outperform its snake-themed rival.