18 May

Over the past 24 hours, the trading volume of Cardano (ADA) surged by approximately 41.95%, reaching $461.96 million, indicating a notable uptick in interest in the cryptocurrency. ADA has emerged as one of the beneficiaries of the recent cryptocurrency market rally.

Charles Hoskinson, the founder of Cardano, celebrated ADA's ascent by sharing a video highlighting the progress of Hydra, the platform's Layer 2 scalability solution. ADA has maintained positive momentum since the start of the year.

Volume of Cardano Trade Increases by Over 40%

Cardano's open interest (OI) increased 8.44% to $246.79 million, according to Coinglass data. On May 4, the OI reached a record high of $588 million.

Some traders attribute the rise to the launch of the smart contract update and Hoskinson's continual encouraging statements about the progress expected for June. The community backed Cardano's upbeat stats, expressing sentiments like "we are back."

The response from the community is conflicted, though. Although there is optimism and enthusiasm for ADA's future due to the recent advances, there is also a noticeable feeling of cynicism and discontent. The user said, "Many members remember earlier forecasts that didn't turn out as planned, and the present market conditions add to their cautious view.

In recent weeks, ADA has experienced notable activity. The Cardano Foundation, headquartered in Zug, Switzerland, revealed the appointment of Giorgio Zinetti as its Chief Technology Officer (CTO). This announcement suggests that the project is gearing up for expansion and innovation.

Furthermore, the Cardano Treasury has disclosed the acquisition of 1.5 billion ADA tokens, valued at over $720 million, constituting more than 4% of the circulating supply. This accumulation empowers the organization to propose and vote on projects eligible for Treasury funding.

May 2024, Crptoniteuae

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