Litecoin Surges for Third Straight Day, Cardano Marginally Higher
Litecoin's price has risen above $80.00, marking a third consecutive day of gains despite recent market volatility. The surge follows a recent six-week low of $75.32, with bulls in the market targeting a ceiling of $85.00. Meanwhile, Cardano's price has also seen a marginal increase, trading close to a key support level of $0.3580. However, gains have eased due to the RSI colliding with a ceiling at the 41.00 mark, with bearish pressure significantly higher than earlier in the day.
Cardano Founder Charles Hoskinson Inquires About New Meme Coin Snek on Cardano Blockchain
Charles Hoskinson, the founder of Cardano, has shown interest in Snek (SNEK), a newly launched meme coin on the Cardano blockchain. Hoskinson took to Twitter to inquire about Snek, which has gained popularity in the Cardano community. However, some critics believe that Hoskinson's tweet is just a tactic to promote the meme coin. Snek has a total supply of 76.7 billion tokens, with 50% distributed during the presale and the rest allocated for DEX liquidity, special utility, project treasury, and airdrops. The presale gained massive traction on Twitter, with over 2,000 ADA tokens sent to the presale address within minutes. Snek launched on the leading Cardano-based decentralized exchange SundaeSwap with a market capitalization of $275K and is currently trading at $0.0001021.
Solana and Cardano Show Low Risk, High Reward Potential for Investors
Despite the recent struggles of the cryptocurrency industry, some assets such as Solana (SOL) and Cardano (ADA) have shown better risk-adjusted returns compared to others. According to data from crypto market analysis platform Kaiko, both Solana and Cardano have recorded the highest year-to-date risk-adjusted returns among the top altcoins by market cap, with a Sharpe ratio of above 2. On the other hand, meme-inspired digital assets like Shiba Inu (SHIB) and Dogecoin (DOGE) have shown poor risk-adjusted returns, with a Sharpe ratio below 1. However, it is important to note that all four assets, including Solana and Cardano, suffered losses in the past week.
Cardano DeFi Transactions Soar Despite Market Dip, Boosted by New Protocols and Meme Coins
Despite the recent market dip, Cardano's DeFi ecosystem has seen a significant surge in activity, with transactions on Cardano DeFi apps increasing by 56% to 250,000 per epoch. This increase in transaction volume has been attributed to the launch of new DeFi protocols on the network and the active community of developers and users driving innovation for the protocol. Additionally, the recent hype around meme coins like Snek and Pepeblue has also contributed to the transaction surge.
Cardano Blockchain Nears Max Capacity at 94% Load: What to Expect and How to Scale
The Cardano blockchain ecosystem and decentralized platform have been experiencing a high percentage of load pressure, which has raised concerns from the blockchain community. Additionally, the native token ADA has struggled to record significant gains in the cryptocurrency markets. A recent report by the co-founder of dcSpark and Cardano contributor, Sebastien Guillemot, highlighted that the Cardano blockchain network is currently at a 94% load, with only 6% left until it reaches max capacity. This could result in longer wait times for transactions and even user transactions not making it to the blockchain. Guillemot suggested several ways to scale the blockchain and reduce load pressure, including increasing block sizes and migrating more decentralized applications to Plutus V2.
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.
Cardano (ADA) Founder Says: “I’d Rather Be a Crypto Guy Than a Banker Right Now”
Charles Hoskinson, the founder of Cardano (ADA), has warned of the potential for another financial crisis similar to the 2008 crisis as US banks continue to collapse this year. In an interview with Fox Business, Hoskinson explained that the traditional banking model is becoming outdated, while cryptocurrencies have demonstrated resilience in the face of challenging macroeconomic conditions. He highlighted that the combined assets of banks that have failed so far in 2023 amount to $540 billion, compared to $373 billion during the 2008 crisis. Hoskinson argued that the banking business model is crumbling and expressed concerns that the "too big to fail" mentality could lead to even larger financial institutions. He also criticized the US for lagging behind other regions in implementing reasonable cryptocurrency regulations, warning that the US risks losing crypto companies to other countries with more favorable regulatory environments.
Cardano Primed for Meteoric Surge as First Hydra Head Opens on Mainnet
The Cardano blockchain is primed for a meteoric surge following the launch of its first Hydra head on the mainnet. The Hydra protocol is a scaling solution for the Cardano network that is designed to enable faster and more efficient transactions, while also reducing network congestion and improving user experience.
Crypto Evening Briefing: White House to Build International Standards for DLT
The United States White House has released a national standards strategy for key and emerging technologies, which includes distributed ledger technology (DLT) and digital identity infrastructure.
Adaverse Announces 2023 Vision to Support Cardano Ecosystem Startups in Africa and Southeast Asia
Adaverse seeks to invest in startups between Seed and Series A with an MVP and ideally, revenue, with ticket sizes typically ranging between $100k and $300k.
