With Bitcoin and Ethereum facing skyrocketing gas fees, Cardano (ADA) has assumed the leadership position in daily transaction volume.
With Bitcoin (
BTC) and Ethereum (
ETH) facing skyrocketing network fees amid the recent
meme coin craze initiated by the launch and
massive success of the PEPE token, Cardano (
ADA) has assumed the leadership position among all
blockchains in terms of daily transaction volume.
Indeed, the 24-hour transaction volume on the
Cardano network has amounted to a staggering $13.25 billion, well above that of
Bitcoin and
Ethereum, according to the
data retrieved by Finbold from the
cryptocurrency monitoring and analytics platform
Messari on May 9.
By comparison, Bitcoin assumed a second place in the listing at $0.59 billion, while Ethereum’s 24-hour trading volume stood at $3.03 billion by press time. Litecoin (
LTC) and XRP (
XRP) followed, with $790 million and $658 million, respectively.
Top 10 blockchains by 24-hour transaction volume. Source: Messari
Earlier, Finbold
reported on the decentralized finance (
DeFi) applications on Cardano witnessing a large increase in transactions, with the
Dapps On Cardano platform attributing these results to the launch of two new meme
crypto assets – Snek and Pepeblue – on the blockchain and in its
metaverse.
As it happens,
inventors seem to be flocking to
Cardano as the Ethereum gas fees are soaring, surpassing as much as $30 million in recent days, according to a chart
shared by the
crypto market analytics platform
Token Terminal on May 9.
Ethereum daily fees in the last 180 days. Source: Token Terminal
With such a trend, it is no surprise that one
crypto trader paying an enormous 64 ETH (worth around $118,329 at the time of publication), according to a
Whale Alert tweet shared on May 8. That said, one person in the comments
pointed out that, above 2 ETH, the rest of this amount was “a “voluntary ‘bribe’ to validators.”
Meanwhile, the recently released Layer 2
Hydra protocol has drawn more investors to the Cardano network, as the solution aims to increase transaction speed through low latency and high throughput with minimized transaction costs.
As things stand, Cardano is currently changing hands at the price of $0.37, down 0.94% on the day, as well as dropping 5.39% across the previous seven days and losing 5.19% on its monthly chart, as per the latest data from May 9.
Cardano 24-hour price chart. Source: Finbold
Whether the growing popularity of the Cardano network manages to push the price of ADA to the upside remains to be seen, as it depends on other factors, such as the developments directly relating to the digital asset, as well as the general atmosphere in the crypto market and macro landscape.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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