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Cardano DeFi Activity Soars Despite Market Dip Due to Meme Coin Hype

Despite Cardano's negative price trend in line with other cryptocurrencies, the network's decentralized finance (DeFi) applications have experienced a surge in transactions, reaching 250,000 per epoch, up from 160,000 during the previous epoch. The increase is attributed to the hype around two new meme cryptocurrencies, Snek and Pepeblue, on the Cardano network. The best-performing crypto exchanges and liquidity protocols on the Cardano blockchain, including Sundaeswap, Minswap, MuesliSwap, Wingriders, and Liqwid Finance, have all reported significant increases in activity. However, the surge in network activity has not yet pushed the ADA token price upwards, which is currently trading at $0.37.

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