Memecoins
Thanks to New Meme Coin?
Gamza Khanzadaev
ADA trading volume surged more than 34% amid the meteoric rise of the new Cardano coin, named after Charles Hoskinson’s pet pig, Nike.
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Trading volume on popular cryptocurrency open futures Cardano (ADA) rose more than 34% in the last 24 hours, according to CoinGlass data. According to the platform’s data, ADA derivatives turnover reached more than $272 million, placing the instrument in the top 15 by this metric.
At the same time, similar figures were demonstrated by transactions of the Cardano token in the spot market. However, at the same time, the rest of the crypto market saw a drop in trading volumes on Sunday, which seems more logical.
Is Nike behind Cardano’s rise in popularity?
It is likely that Cardano’s spike was caused by the hype surrounding a new coin called Nike.
Source: Trading View
However, despite its name, this cryptocurrency has nothing to do with the world-famous sports brand. Nike is the nickname of Cardano founder Charles Hoskinson’s pig, which he posted on his social media accounts last week.
Long story short, enthusiasts quickly turned Nike into a coin that soared over 40,000% in a week, reaching a capitalization of over $15 million at its peak. And this piece was created only six days ago.
Amid the hype, many started saying that Nike would be the asset that would put Cardano back on top. With this in mind, we can recall the story of BONK, which was the trigger for the rebirth of Solana (SOL) after the collapse of FTX at the end of 2022.
About the Author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to participate in covering economic and financial technology topics, as well as making more people aware of cryptocurrencies and blockchain.