In the last 24 hours, Cardano’s trading volume skyrocketed by around 41.95% to $461.96 million, demonstrating increased interest in the cryptocurrency. ADA has been one of the winners of the recent cryptocurrency rally.
Cardano founder Charles Hoskinson celebrated the rise of ADA, sharing a video showcasing the advancement of Hydra, its Layer 2 scalability solution. ADA has been in positive numbers since the beginning of the year.
Cardano Trading Volume Grows Over 40%
Data from Coinglass showed that Cardano’s open interest (OI) also gained 8.44%, equivalent to $246.79 million. The highest OI was on May 4, reaching $588 million.
The community supported Cardano’s positive figures, with opinions such as “we are back.” Some traders attribute the boom to the announcement of the smart contract update and Hoskinson‘s constant encouraging messages about the progress promised for June.
“However, the community’s reaction is mixed. While the recent developments have sparked excitement and hope for ADA’s future, there is also a palpable sense of frustration and skepticism. Many members recall past predictions that didn’t materialize as expected, and the current market dynamics add to their cautious outlook,” user added.
ADA has shown significant movement these weeks. Recently, the Cardano Foundation, based in Zug, Switzerland, announced the appointment of Giorgio Zinetti as its Chief Technology Officer (CTO). This announcement indicated the project was preparing for growth and innovation.
Read more: Cardano (ADA) Price Prediction 2024/2025/2030
Additionally, the Cardano Treasury announced the accumulation of 1.5 billion ADA tokens, worth over $720 million, making up more than 4% of the circulating supply. This accumulation allows the organization to propose and vote on projects eligible for Treasury funding.
In March, Cardano introduced its first USD-pegged fully fiat-backed stablecoin, USDM. This new entrant aims to secure a foothold in the competitive $160 billion stablecoin market, predominantly led by Tether and Circle.
Read more: Who Is Charles Hoskinson, the Founder of Cardano?
Finally, Cardano‘s price rose more than 5%, reaching $0.48 after recognizing a growth in its daily trading volume. Over the last year, ADA showed an increase of 27.35%, while its market capitalization exceeded $17 billion.
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