The majority of assets in the cryptocurrency market are moving in a negative trend and Cardano (ADA) is no exception. Yet its underlying network is experiencing a massive increase in transactions which relate to decentralized finance applications Cardano DeFi. This is due to the hype around two new memecoins.
Numbers on Cardano DeFi soar
Transactions on Cardano DeFi apps soared to 250,000 per epoch. An epoch on Cardano being the equivalent of five days currently. For the previous period, we recorded 160,000 transactions. Thus, these figures are verifiable on the graph shared on May 08 by the Dapps On Cardano platform. and relayed by finbold.
Prior to this, Dapps On Cardano had already posted a screenshot that showed the results of the top performing crypto exchanges and liquidity protocols on the Cardano blockchain. These were precisely Sundaeswap (SUNDAE), Minswap (MIN), MuesliSwap (MILK), Wingriders (WRT) and Liqwid Finance (LQ). Indeed, they have all reported significant increases in activity over the past few weeks.
A project driven by the craze for memecoins
As Dapps On Cardano stated, such an increase in transactions “thanks to the latest hype from meme plays like SNEK and PEPE.” These two very quickly popular memecoins have recently been introduced to the Cardano Network and its Metaverse.
You have to tell the difference between Pepeblue and the other memecoin PEPE which was launched on Ethereum on April 15th only to experience a meteoric increase of more than 10,000% some time later. This one is directly inspired by the famous Pepe the Frog meme.
Despite this increase in activity, however, the price of ADA was not positively impacted. Indeed, during this period, it even experienced a drop of approximately 2.75%.
The Cardano network has been one of the strongest Blockchains since its inception. Thus, the fall in its price is caused by a general downward trend in the market. But Cardano has enough resources to bounce back. It should not be forgotten that the price of a crypto depends on several factors including developments related to the network. Can the launch of more successful memecoins kickstart the bull run?
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