- A new Cardano meme coin named Nike, after Charles Hoskinson’s pet pig, has seen a spectacular jump in value, and as a result, trading volume of ADA has increased by over 34%.
According to CoinGlass statistics, trading activity in open-ended futures on the well-known cryptocurrency Cardano (ADA) has surged by more than 34% in the last day. The instrument ranks in the top 15 by this metric, with turnover in ADA derivatives reaching over $272 million, according to the platform’s data.
Trades of the Cardano token on the spot market at the same time showed comparable numbers. More rationally, though, Sunday saw a drop in trade volumes across the board for the cryptocurrency market.
Is Cardano’s surge in popularity due to Nike?
The excitement over a brand-new meme coin named Nike is probably what drove to the surge in Cardano prices.
Nevertheless, this coin is unrelated to the well-known sporting brand, despite its name. Charles Hoskinson, the founder of Cardano, uploaded a picture of his pig on social media last week, going by the nickname Nike. In summary, Nike became a meme coin very rapidly thanks to fans, and it rose more over 40,000% in a single week, peaking at a valuation of more than $15 million. Furthermore, this coin was just made six days ago.
Many began speculating that Nike would be the advantage that would propel Cardano back to the top amongst the excitement. In light of this, we can remember the tale of BONK, which served as the impetus for Solana (SOL) to resurface following FTX’s collapse at the end of 2022.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
