thecryptobasic.com
ADA Peepos (FREN), a meme-based project on Cardano, has surged over 44% in a single day as the market frenzy kicks in.
With the crypto bull market almost in full swing, investors are gradually moving attention to other potentially bullish assets, including meme-based projects, as a way to diversify their holdings.
Cardano-based FREN token is one project that has benefitted from this increased allocation to memecoins, with the token rising over 44% in the past 24 hours.
ADA Peepos (FREN) taps into the iconic green frog meme, which has become an internet culture symbol through the years.
The community thrives on green frog memes, labels each other as FRENs, and drives the common goal of bringing new users into a FRENship to boost the cryptocurrency’s value.
Such efforts have been paying off in recent times, and even more in the past 24 hours. From its daily low of $0.0000077, FREN has risen as high as $0.00001076 and remains within that range at the time of writing.
Meanwhile, the sudden jump in the price of FREN has been largely linked to increased activity on the project’s Discord and the ongoing distribution of FREN to newcomers by generous community members.
Additionally, there has been increased interest in the project’s ADA Peepos NFT. The overall trading volume for the collection now hovers around 1.1 million ADA (approximately $690,000), with 318 sales in the past 30 days alone.
What Does This Mean for Cardano?
The Cardano blockchain has often been criticized for a lack of on-chain activity and user engagement. Former BitMEX CEO Arthur Hayes recently made a sly remark on how Cardano is barely used compared to its layer-1 competitors.
Hence, the recent surge in the value of FREN, the project’s collection, and increased user interest all bodes well for Cardano. It further backs statistics that show that thousands of projects are being built on the network, and new projects continue to launch daily.
Lastly, increased on-chain activity can positively impact Cardano’s native cryptocurrency, ADA. Users require ADA to pay fees to access Cardano-based applications, including DeFi apps where ADA is the primary asset.