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Cardano DeFi activity skyrockets despite market dip; What’s happening?

Cardano DeFi activity skyrockets despite market dip; What’s happening?

Despite the prices of Cardano (ADA) moving in the negative trend as it follows the majority of assets on the cryptocurrency market, its underlying network is witnessing a massive increase in transactions involving Cardano decentralized finance (DeFi) applications thanks to the hype around two new meme cryptocurrencies.

Specifically, transactions on Cardano DeFi apps have soared to 250,000 per epoch (an epoch on Cardano currently amounts to five days) from 160,000 transactions during the previous epoch, according to the chart shared by the Dapps On Cardano platform on May 8.

Cardano dApps transactions in last 18 epochs. Source: Dapps On Cardano

Earlier, the dApp tracking platform posted another screenshot, demonstrating the results of the best-performing crypto exchanges and liquidity protocols on the Cardano blockchain, including Sundaeswap (SUNDAE), Minswap (MIN), MuesliSwap (MILK), Wingriders (WRT), and Liqwid Finance (LQ), which have all reported significant increases in activity in recent weeks.

Activities on Cardano DEXs. Source: Dapps On Cardano

Meme coin craze

As Dapps On Cardano added, such an increase in transactions was “all thanks to latest meme coins hype like SNEK and PEPE,” referring to Snek (based on memes of snakes with interior monologue captioning) and Pepeblue – the recently introduced crypto assets on the Cardano network and in its metaverse.

Notably, Pepeblue does not seem to be directly connected to the other PEPE meme coin, which was created on April 15 and launched on the Ethereum (ETH) blockchain, quickly becoming the third-largest meme coin by market cap as it capitalized on the overwhelming popularity of the Pepe the Frog meme.

ADA price analysis

Meanwhile, the ADA token is changing hands at the price of $0.37, down 2.75% in the last 24 hours, as well as declining 7.04% over the previous seven days and losing 3.66% to its value across the past month, as per the most recent data retrieved on May 8.

Cardano 30-day price chart. Source: Finbold

Indeed, the increase in activity on the underlying network has so far failed to push the price of ADA to the upside. However, the price of a digital asset depends on more factors, including other developments related to the network, as well as the general atmosphere in the crypto industry and the wider macroeconomic landscape.

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