Charles Hoskinson congratulated the effect of the newly launched Snek.Fun, which saw Cardano hit a new daily trading volume high.
Cardano founder Charles Hoskinson has expressed gratitude for a recent milestone achieved in the Cardano network. Early Saturday, he quoted a post from memecoin sensation Snek, adding a “well done” message to the tweet.
Hoskinson retweeted a post where Snek highlighted that the Cardano network had hit a new daily transaction volume high. On Friday, the blockchain saw its best 24-hour DEX trading in history as traction to the network skyrocketed.
This notable record was achieved following the launch of memecoin creator Snek.Fun on Thursday. The launchpad saw a magnanimous user influx from the first hour it made its market debut, causing an API overload and slow transactions on the platform.
Snek.Fun Boosts Cardano Volume
The August 8 daily trading volume surge was the first time the Cardano network reached and surpassed 30,000 ADA in 24 hours since early July. On Friday, daily trading volume surpassed 35,000 ADA for the first time in Cardano’s history.
Notably, the trading heatmap showed that most of the volume came from Snek.Fun. The memecoin protocol attracted creators and traders alike, who looked to leverage the buzzing narrative, which was still early in the Cardano network.
The Crypto Basic reported that Snek.Fun saw over 20,000 users in ten seconds, with thousands of memecoins deployed to Cardano through the platform. Notably, Snek.Fun charged users 25 ADA to create memecoins on the protocol.
Memecoin Narrative?
Analyst Max Maher earlier noted that Cardano could incur significant traction like Solana and Ethereum if it created a buzz around the blockchain through a narrative. The Solana network trended because of the memecoin frenzy on its blockchain, while Ethereum leveraged the Ethereum spot exchange-traded funds (ETFs).
The launch of the Snek.Fun protocol could bring the memecoin narrative to the Cardano network and, consequentially, new users and traders. Notably, the Tron network benefited immensely from the launch of SunPump.
If this trend continues, the Cardano network may host the next meme craze and could see ADA and other tokens on the blockchain surge significantly. ADA currently trades at $0.3235 at the time of writing.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
