- As the price of FREN soared, interest in Cardano mecoins increased.
- The network’s activity remained high, as the transactions on it remained stable.
Over the past few weeks, memecoins have experienced massive growth, including popular tokens DOGE and SHIB.
Many traders are now looking for other memecoins that are undervalued as the interest in mainstream options has increased.
Make FRENS on the way
Recent data has indicated that FREN is the memecoin of the moment. Cardano[ADA] In the last 24 hours, network has seen an increase of 9%.
The recent surge of interest in memecoins on the Cardano Network has multiple implications for ecosystem.
Positively, increased activity and transactions related to memecoin trading can infuse life into the Cardano Network, encouraging community growth and engagement.
The exploration of memecoins that are undervalued may also attract new users, increasing the reach of the network.
The popularity of Cardano as a memecoin could also encourage further ecosystem development and the deployment of new projects.
Memecoins have some downsides. One is the volatility and risk inherent to them. This could lead to price instability, and even pose risks for investors.
Cardano’s infrastructure could be affected by a sudden increase in activity, causing congestion and possible delays.
In addition, the increased attention from regulators due to the trading of memecoins could lead to scrutiny and regulatory actions that can impact on the Cardano ecosystem. The overall impact of this will depend on how well the network can adapt and manage the changing dynamics in the memecoin markets.
How is the network performing?
At the time of publication, the number daily active addresses on the network had increased while the volume daily transactions on the network was stable.
Increased active addresses indicate a growing ecosystem and an increased level of engagement.
The daily volume of transactions is also stable, which reflects a high level of activity. This fosters user confidence and reliability.
What are the costs? 1,10,100 ADAs worth Today
ADA’s price was $0.734 at the time of publication. It has risen significantly in recent weeks. Despite a surge in price, ADA’s trading velocity had decreased.
Moreover, MVRV ratios for ADA increased, indicating an increase in profitability. A rise in profits could encourage addresses to sell their assets.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com