Cardano Trading Volume Skyrockets 34%, What Happened?

Cardano trading volume skyrocketed 34% (Photo; Doc. Magazinname)

JAKARTA - Cardano (ADA), one of the popular crypto assets, has experienced a surge in trading volume in the last 24 hours. Data from CoinGlass shows that the turnover in ADA's derivatives reached more than 272 million US Dollars (approximately IDR 4.4 trillion), placing it in the top 15 based on the metric.

Not only in futures, Cardano's token trading volume in the spot market also shows similar numbers. When another crypto market experienced a decline in trading volume on Sunday, this spike in Cardano seemed more prominent. The question is, what triggers this spike?

According to U.Today's information, this spike is thought to be linked to a hype around a new meme coin called Nike. However, it should be noted that this crypto asset has nothing to do with the world's famous sports brand, Nike. Nike's own nickname is a nickname for pet pig Charles Hoskinson, founder of Cardano, which he posted on social media accounts last week.

This interesting story made fans quickly turn Nike into a meme coin that jumped more than 40,000% in one week, reaching a market cap of more than 15 million US Dollars (approximately IDR 246 billion) at its peak. In fact, this coin was only made six days ago.

In the midst of these hype, many have begun to say that Nike will become an asset that restores Cardano's glory. If we look at history, we can remember the story of BONK which triggered the revival of Solana (SOL) after the collapse of FTX at the end of 2022. This phenomenon shows how much influence hype has had on the crypto market.

With this surge in trading volume, Cardano shows the potential to return to the peak of popularity in the crypto world. Even so, it is important for investors to be careful and do in-depth research before plunging into hype-based investments like this. The phenomenon of meme coins often has high volatility and a risk that is no less great.