Trading volume in open-ended futures on the popular cryptocurrency Cardano (ADA) has increased by more than 34% over the past 24 hours, according to CoinGlass data. According to the platform’s data, turnover in ADA derivatives reached more than $272 million, putting the instrument in the top 15 by this metric.
At the same time, similar figures were demonstrated by trades of the Cardano token on the spot market. At the same time, however, the rest of the crypto market experienced a decline in trading volumes on Sunday, which seems more logical.
Is Nike behind Cardano’s rise in popularity?
It is likely that the spike in Cardano was caused by the hype surrounding a new meme coin called Nike.
However, despite the name, this cryptocurrency has nothing to do with the world-famous sports brand. Nike is the nickname of Cardano founder Charles Hoskinson’s pig, which he posted on his social media accounts last week.
To cut a long story short, enthusiasts quickly turned Nike into a meme coin that soared more than 40,000% in one week, reaching a capitalization of more than $15 million at its peak. And this coin was only created six days ago.
Amid the hype, many started saying that Nike would be the asset that would put Cardano back on top. With this in mind, we can recall the story of BONK, which was the trigger for the rebirth of Solana (SOL) after the collapse of FTX at the end of 2022.