Cardano

bullish

Value

Sphere

<ul>
 <li>Cardano community raises 2M ADA for SNEK’s Vegas Sphere feature, showcasing strong support for the blockchain's top memecoin.</li>  
 <li>Cardano sees a surge in long-term ADA holders, with 40% of the total supply held by investors, signaling growing network confidence.</li>  
 <li>The upcoming Chang hard fork aims to enhance Cardano’s governance, potentially driving further adoption and market growth.</li> 
</ul>  
<p>In a display of community solidarity, the Cardano network banded together to contribute 2,000,000 ADA, equivalent to $650,000, to secure a week-long feature for SNEK on the prominent Vegas Sphere.&nbsp;</p>  
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<p>This initiative highlights the <a href="https://cryptonewsland.com/cardano-ada-outshines-ethereum-eth-in/" rel="noopener noreferrer nofollow">collective spirit</a> within the Cardano ecosystem, where participants collaborate to amplify the presence of key projects. SNEK, a deflationary memecoin launched on the Cardano blockchain, has rapidly ascended to become the most traded token on the platform.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-snek-cardano-s-leading-memecoin"><strong>SNEK, Cardano’s Leading Memecoin</strong></h2>  
<p>SNEK has established itself as a major digital asset within the Cardano ecosystem, boasting a market <a href="https://coinmarketcap.com/currencies/snek/" target="_blank" rel="noopener noreferrer nofollow">capitalization</a> of $54.8 million and a circulating supply of 73.2 billion SNEK tokens. The token’s 24-hour trading volume reached $641.9, demonstrating consistent market interest. Notably, the token’s fully diluted market cap is valued at $56.6 million, reinforcing its position as a leading meme-based cryptocurrency.</p>  
<h2 class="wp-block-heading" id="h-surge-in-long-term-ada-holders"><strong>Surge in Long-Term ADA Holders</strong></h2>  
<p>Meanwhile, the Cardano network has seen a <a href="https://x.com/Dr_shwetaPHD/status/1824077410939129858" target="_blank" rel="noopener noreferrer nofollow">substantial increase</a> in long-term ADA holders, marking a forward step in its growth. Nearly 40% of the total ADA supply is now held by long-term investors, with 72% of holders classified as long-term "hodlers."&nbsp;</p>  
<p>This shift indicates growing confidence in Cardano’s future, driven by its expanding use cases across the blockchain. Additionally, Cardano currently processes $7.2 billion in daily on-chain volume, supported by a low Network Value to Transaction (NVT) ratio of 2.62, suggesting the cryptocurrency might be undervalued.</p>  
<h2 class="wp-block-heading" id="h-upcoming-hard-fork-and-market-performance"><strong>Upcoming Hard Fork and Market Performance</strong></h2>  
<p>Further boosting Cardano’s prospects is the <a href="https://cryptonewsland.com/cardanos-chang-hard-fork-enhancing-decentralization-and-governance/" rel="noopener noreferrer nofollow">upcoming Chang hard fork</a>, which is set to introduce enhanced governance features to the network. This development, already making progress among stake pool operators, could drive further adoption and market confidence.</p>  
<p>Despite challenges in attracting new users, Cardano’s transaction count and active user base have remained stable, signaling a loyal and engaged community. ADA has shown slight upward momentum, stabilizing around the $0.34 mark, with the potential for a bullish breakout if it surpasses the $0.45 resistance level.</p> 
<p>The post <a href="https://cryptonewsland.com/cardano-community-raises-2m-ada-for-snek/" rel="noopener noreferrer nofollow">Cardano Community Raises 2M ADA for SNEK Vegas Sphere Feature Amid Network Growth</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Cardano Community Raises 2M ADA for SNEK Vegas Sphere Feature Amid Network Growth

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