In what could be a remarkable feat, Cardano achieved a significant milestone in daily trading volume on Friday by crossing over 35,000 ADA for the first time. The achievement follows the launch of Snek.fun, a premiere launchpad on Cardano created by the Snek and Splash Protocol teams.
Setting a New Record
Snek.Fun, a meme coin-focused launchpad, posted on its X profile that Cardano had set a new record for daily trades. The Snek platform was launched earlier this month. Its inception on the Cardano network on Thursday sparked a tremendous growth in the number of transactions, pushing the blockchain to new heights.
Cardano‘s founder, Charles Hoskinson, congratulated the community on Saturday, noting that the network recorded its highest-ever 24-hour decentralized exchange (DEX) trading volumes. Previously, Cardano had attained over 30,000 ADA in 24 hours on August 8 of this year.
The Inception of Snek.Fun
The Snek.Fun platform, which allows users to create and generate meme coins, attracted thousands of users within a few minutes of its launch. The platform takes 25 ADA per meme coin creation, introducing a new value to Cardano. It adds liquidity to the blockchain and provides a fresh start similar to that of Solana (SOL) and Ethereum (ETH). Analyst Max Maher said that just like SOL became popular with the advent of meme coins and ETH gained traction with ETFs, Cardano can create a buzz around the Snek platform and increase its strength.
Hoskinson Shares Key Updates on Cardano’s Chang Hard ForkSnek.Fun platform quickly gained popularity among creators and traders alike. The launchpad saw a massive influx within the first hour of its debut, causing an overload in the user interface and a delay in transactions due to demand. With its unique features and robust community base, Snek.Fun platform could strengthen Cardano in the long run and eventually attract more users and projects to the blockchain.
