Cardano's DeFi activity is skyrocketing even as the cryptocurrency market is experiencing a dip in price. Transactions on Cardano DeFi applications have seen a rapid increase - from 160,000 transactions during the previous epoch to roughly 250,000 transactions in the ongoing epoch. This uptick of activity is attributed to the spike in interest and trading of two new meme cryptocurrencies Snek and Pepeblue. The frenzy for these meme coins has spread like wildfire, contributing to the overall activity of DeFi on the Cardano network.

The dApp tracking platform has highlighted the performance of the crypto exchanges and liquidity protocols present on the Cardano blockchain. Sundaeswap (SUNDAE), Minswap (MIN), MuesliSwap (MILK), Wingriders (WRT), and Liqwid Finance (LQ) have seen a massive surge in their transactions in the past few weeks. Amongst all these platforms, two meme cryptocurrencies, Snek and Pepeblue are the most popular projects, both of which are based on the meme of Pepe the Frog. It is worth mentioning that Pepeblue has no link with the other PEPE token that was developed on Ethereum (ETH).

Although the enthusiasm for DeFi applications on Cardano’s blockchain has been seen, the price of ADA is still in decline. The gains in the underlying network have not been sufficient to boost the price of ADA which sits at $0.37, a 2.75% decrease in the last 24 hours, along with a 7.04% decline over the past week and a 3.66% decrease over the previous month. It is important to understand that when it comes to price fluctuations, various factors come into play. The general atmosphere in the crypto sphere and the macroeconomic landscape also plays a role.



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