With Bitcoin (BTC) and Ethereum (ETH) facing skyrocketing network fees amid the recent meme coin craze initiated by the launch and massive success of the PEPE token, Cardano (ADA) has assumed the leadership position among all blockchains in terms of daily transaction volume.
Indeed, the 24-hour transaction volume on the Cardano network has amounted to a staggering $13.25 billion, well above that of Bitcoin and Ethereum, according to the data retrieved by Finbold from the cryptocurrency monitoring and analytics platform Messari on May 9.
By comparison, Bitcoin assumed a second place in the listing at $0.59 billion, while Ethereum’s 24-hour trading volume stood at $3.03 billion by press time. Litecoin (LTC) and XRP (XRP) followed, with $790 million and $658 million, respectively.
Earlier, Finbold reported on the decentralized finance (DeFi) applications on Cardano witnessing a large increase in transactions, with the Dapps On Cardano platform attributing these results to the launch of two new meme crypto assets – Snek and Pepeblue – on the blockchain and in its metaverse.
Ethereum fees skyrocket
As it happens, inventors seem to be flocking to Cardano as the Ethereum gas fees are soaring, surpassing as much as $30 million in recent days, according to a chart shared by the crypto market analytics platform Token Terminal on May 9.
With such a trend, it is no surprise that one crypto trader paying an enormous 64 ETH (worth around $118,329 at the time of publication), according to a Whale Alert tweet shared on May 8. That said, one person in the comments pointed out that, above 2 ETH, the rest of this amount was “a “voluntary ‘bribe’ to validators.”
Meanwhile, the recently released Layer 2 Hydra protocol has drawn more investors to the Cardano network, as the solution aims to increase transaction speed through low latency and high throughput with minimized transaction costs.
Cardano price analysis
As things stand, Cardano is currently changing hands at the price of $0.37, down 0.94% on the day, as well as dropping 5.39% across the previous seven days and losing 5.19% on its monthly chart, as per the latest data from May 9.
Whether the growing popularity of the Cardano network manages to push the price of ADA to the upside remains to be seen, as it depends on other factors, such as the developments directly relating to the digital asset, as well as the general atmosphere in the crypto market and macro landscape.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.