Cardano TVL nears $600 mln: How SNEK memecoin helped its rise

• Cardano’s network activity remained strong as the TVL soared to new highs.
• The memecoin hype remained strong, and ADA continued to hold on to recent gains.

Cardano [ADA] has been faring quite well this month, considering that it previously went through a long period of subdued performance.

But just how well have things gotten, and could this be the beginning of more interesting times ahead?

One of the areas that perfectly encapsulate the Cardano network’s changing fortunes is its TVL. The latter topped out at $607 million on the 20th of November. This marked the network’s highest TVL figure in its history.

Source: DeFiLlama

The TVL was as low as $202.42 million at its lowest point in August. This means the TVL tripped within four months, and most of those gains occurred in November.

Cardano’s on-chain volume also demonstrated a massive surge recently, gaining from as low as $1.4 million on the 4th of November to $17.34 million.

But where was this growth coming from? Data revealed that the recent surge in activity was mostly driven by Liqwid, the top lending protocol on the Cardano network, which was up by 229% in the last four weeks.

The network’s top DEX called Minswap also registered a significant surge in activity by over 72% during the same period.

Cardano goes for a slice of memecoin hype

Mememecoins have been at the forefront of the 2024 bull run, and Cardano was not left behind. Its top memecoin, Snek [SNEK], has been making a splash in the market, and this was evident with its price action.

SNEK rallied by roughly 283% from it lowest to highest price points so far this month.

The SNEK memecoin may pave the way for more such tokens on the Cardano network. This could potentially fuel more network activity, as well as demand for ADA.

Speaking of activity, active addresses remain notably high this month compared to last month.

The Cardano network had a bit over 71,000 active addresses on the 20th of November. In contrast, it had less than 25,000 active addresses at the start of the month.

This confirmed that the network has been experiencing a revival of sorts, considering that it had months of low activity.

Source: IntoTheBlock

The surge in active addresses was also in alignment with ADA’s latest price surge. The cryptocurrency exchanged hands at $.78 at press time.

Read Cardano’s [ADA] Price Prediction 2024–2025

ADA has so far demonstrated the ability to hold on to recent gains, hence investors were not in a hurry to take profits off the table.

In other words, traders remained optimistic about ADA’s bullish prospects as the bull market continues to unravel.