- Cardano’s DEX volume reached its highest point this month, exceeding $120 million.
- DefiLlama shows that Cardano DEX volume was around $60 million in April.
- The surge in DEX volume raises speculation among investors if it’s time to pay closer attention to ADA.
In a recent tweet, Patrick Dynamo, an on-chain analytics expert, brought attention to the surging volume of Cardano’s decentralized exchange (DEX), stating that the volume had reached its highest point ever this month.
Dynamo shared a screenshot containing data from DefiLlama, the well-known DeFi TVL aggregator, showing that Cardano DEX volume has exceeded $120 million. This amount is double the volume obtainable in April, which was around $60 million.
This development has led to speculation among investors and analysts, questioning whether it was time to pay closer attention to Cardano’s native cryptocurrency, ADA. However, not all responses to Dynamo’s tweet were positive.
A Twitter user Lercy Lago pointed out that while Cardano may boast impressive on-chain statistics, similar claims can be made about other platforms like the Tron blockchain (TRX). The crypto enthusiast argued that Cardano’s TVL and valuation are mere jokes while doubting whether ADA would ever surpass its all-time high (ATH) of $3 again.
In contrast to Lago’s skepticism, another commenter took a more optimistic stance, urging investors to seize the opportunities presented by Cardano’s DeFi ecosystem. The person emphasized that even if one has missed out on previous investment opportunities, the present moment offers the chance to be an early adopter and benefit from the potential growth of Cardano.
The Twitter user concluded the tweet by encouraging people to pay attention to one of the newly launched meme coins on the Cardano blockchain, Snek (SNEK). Notably, the SNEK meme coin recently got the attention of Charles Hoskinson, the Cardano blockchain founder, when he sought answers about the coin from the crypto community.