ADA Derivatives Trading Volume Surges: Is Nike Behind Cardano’s Popularity?
According to platform data, the trading volume for ADA derivatives exceeded $272 million, placing the instrument among the top 15 by this metric. The trading volume for the open futures contracts of the popular cryptocurrency Cardano (ADA) surged by over 34% in the past 24 hours, based on the same data.
Simultaneously, similar figures were observed in the spot market trading of the Cardano token. However, the rest of the cryptocurrency market experienced a decline in trading volumes on Sunday, which seems more logical.
Is Nike Behind Cardano’s Rising Popularity:
The rise in Cardano’s value might be attributed to the hype surrounding a new meme coin named Nike. Despite its name, this cryptocurrency has no affiliation with the globally renowned sports brand. The name “Nike” is actually a nickname for Charles Hoskinson’s pet pig, which he shared on his social media accounts last week.
In short, enthusiasts quickly turned Nike into a meme coin, which skyrocketed by over 40,000% in just one week, reaching a market cap of over $15 million at its peak. This coin was created only six days ago.
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Amid this buzz, many have started claiming that Nike could be the asset that brings Cardano back to the top. This brings to mind the story of BONK, which served as the catalyst for the resurgence of the cryptocurrency market after the FTX collapse at the end of 2022.
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