Will Cardano’s network rise thanks to this memecoin?

• Meme coins on the Cardano network gained massive traction over the last month.
• Developments were made across all sectors of the network as prices grew.

With rising interest in liquid staking and L2 networks, it has been hard for Cardano [ADA] to pave its way and attract attention in 2023. However, recent data suggested that meme coins have helped the network garner more activity.

All eyes on meme coins

According to recent data, Snek Memecoin [SNEK] surged by 250% on the Cardano blockchain this month.

This surge is likely to draw increased attention to the network, with the meme token’s popularity becoming a focal point within the crypto community.

As meme tokens gain prominence, they contribute to the overall vibrancy of the Cardano ecosystem, indicative of an active and dynamic blockchain community.

The heightened value of SNEK can contribute to increased liquidity within the Cardano network, providing traders with more efficient options.

Beyond financial aspects, the surge in SNEK’s value may encourage greater user engagement within the Cardano platform, potentially leading users to explore and interact with other features of the ecosystem.

Development activity on the rise

Apart from meme coins, other developments could also help attract users to Cardano. Inasmuch, the network saw several important changes.

Notably, the developers improved the way the blockchain communicates and fixed some bugs, getting ready for a big release.

For wallets and services, the Lace team introduced Lace 1.8. This update improves how rewards work for stake pools and makes it easier for the wallet to talk to other wallets.

Read Cardano’s [ADA] Price Prediction 2023-24

They also fixed some minor issues to make overall the experience better for users.

These updates could help ADA sustain its rally in the future. At press time, ADA was trading at $0.618242, with ts price having risen by 1.68% in the last 24 hours.

Source: Santiment