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Cardano sees a 40% increase in trading volume...and the price is climbing

Over the past 24 hours, Cardano's trading volume increased by approximately 41.95% to $461.96 million, indicating increased interest in the cryptocurrency. ADA was one of the winners in the recent cryptocurrency rally.

Cardano founder Charles Hoskinson celebrated the rise of ADA by sharing a video showcasing the progress of Hydra, a layer 2 scalability solution that has been seeing positive numbers since the start of the year.

Cardano trading volume increases by over 40%

I showed Data from Coinglass shows that Cardano's open interest (OI) also gained 8.44%, equivalent to $246.79 million. The highest OI was on May 4, at $588 million.

The community has supported Cardano’s positive personalities, with opinions such as “We’re back.” Some traders attribute this boom to the smart contract update announcement and continued encouraging messages from Hoskinson on the progress promised for June.

"However, community reaction has been mixed. While recent developments have generated excitement and hope for the future of ADA, there is also a palpable sense of frustration and doubt. Many members remember that previous expectations did not materialize as expected, and current market dynamics add to their cautious expectations.

ADA has shown great movement these weeks. Recently, the Cardano Foundation, headquartered in Zug, Switzerland, announced the appointment of Giorgio Zenetti as Chief Technology Officer (CTO). This announcement indicates that the project is ready for growth and innovation.

Learn more: Cardano (ADA) Price Prediction 2024/2025/2030

Additionally, Cardano Treasury announced a backlog of 1.5 billion tokens. ADA, valued at more than $720 million, constituting more than 4% of the circulating supply. This backlog allows the organization to propose and vote on projects eligible for Treasury funding.

In March, Cardano introduced the first fully US dollar-backed stablecoin, USDM. This new entrant aims to gain a foothold in the competitive $160 billion stablecoin market, which is primarily led by... Attachment and circle.

ADA Price Performance.
ADA Price Performance. Source: BeInCrypto

Read more: The best central platforms for trading digital currencies...5 main factors

Eventually the price increased Cardano By over 5%, reaching $0.48 after achieving growth in its daily trading volume. Over the past year, ADA posted an increase of 27.35%, while its market capitalization exceeded $17 billion.

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