Cardano TVL Approaches $600 Million with a Boost from SNEK Memecoin
Cardano’s performance has been quite impressive this month, especially after a period of lackluster results in the past.
But how significant is this improvement, and could it indicate more exciting developments in the future?
One area that reflects the shifting fortunes of the Cardano network is its Total Value Locked (TVL), which reached a record high of $607 million on November 20th.
Back in August, the TVL was at a mere $202.42 million, indicating a substantial increase within just four months, with the majority of gains occurring in November.
Another noteworthy point is the substantial surge in Cardano’s on-chain volume, rising from a low of $1.4 million on November 4th to $17.34 million recently.
Driving this growth in activity was primarily Liqwid, the leading lending protocol on the Cardano network, which saw a 229% increase in the past four weeks.
Furthermore, the top decentralized exchange (DEX), Minswap, also experienced a significant surge in activity, registering a growth of over 72% during the same period.
Cardano Joins the Memecoin Trend
The rise of memecoins has been a prominent feature of the recent market trends, and Cardano has embraced this wave, particularly with its leading memecoin, Snek (SNEK).
SNEK saw a remarkable rally of approximately 283% from its lowest to highest price points this month, showcasing its impact on the market.
The success of SNEK could open doors for more memecoin projects on the Cardano network, potentially driving increased network activity and demand for ADA.
Moreover, active addresses on the Cardano network have notably increased this month compared to the previous month, with over 71,000 active addresses recorded on November 20th, a significant jump from the less than 25,000 active addresses at the beginning of the month.
This uptrend in active addresses signals a revival of network activity following months of relative dormancy.
The surge in active addresses also aligns with ADA’s recent price surge, reaching $0.78 at the time of writing.
Investors seem confident in ADA’s ability to sustain its recent gains, as indicated by their reluctance to take profits amid the ongoing bullish market sentiment.
Overall, traders remain positive about ADA’s prospects in the current bull market environment.