Cardano, Unaffected By FTX Crash, Soars To Top 10 Most Purchased Tokens
Cardano’s native token, ADA, is one of the top ten tokens purchased by Whales in the last 24 hours. Additionally, a rise in transactions and trading activity on its blockchain network has been observed, demonstrating that the company was untouched by the recent market meltdown.
Cardano Escapes The FTX Crash Impact
Despite the heat of the crypto winter and the FTX catastrophe, the Cardano coin is still performing admirably. Trading activity on the Cardano blockchain has increased to over 400%. This is unexpected, given that most tokens’ prices and trading activity had plummeted over this time period.
According to Charles Hoskinson, CEO of Cardano, this FTX crash that impacted the market’s condition had no serious impact on Cardano. He further expressed his excitement over Cardano being the only top token not listed on the FTX exchange prior to its fall, hence not being substantially harmed.
Ada Whale, the sole Twitter account for the Cardano Blockchain, celebrates the status of Cardano in the current market crisis and invites other corporations to collaborate and cooperate with this heat-resistant blockchain.
The Twitter account holder also informed the public that Cardano’s brightest days are ahead of it.
Despite the spiralling collapse of exchanges, SundaeSwap, the Cardano Decentralized Exchange (DEX) assures investors and users of their fund’s safety. It claims that it is entirely unaffected by the FTX market crisis and is well-prepared for the future of DEFI on the Cardano Blockchain.
State Of Cardano (ADA) Before The Crash
Prior to the FTX crisis, Cardano’s market sales and trading activities had declined. Investors were totally overlooking this blockchain as this blockchain was underperforming. This resulted in Dogecoin overtaking the Cardano coin on the top 10 cryptocurrencies on Coinmarketcap.
However, because it was not listed on the FTX exchange before the crash, it avoided losing value with this hit dive that shook the whole market.
Moreso, FTX Alameda Research was previously accredited as a seed investor in the SundaeSwap market, and the bankruptcy file may result in the sale of all Alameda shares, but this action will have no effect on the exchange.
The SundaeSwap exchange indicated that Alameda Research has no authority over the lab’s funds or tokens, and the exchange itself had never had access to FTX, therefore they will be unaffected regardless of the outcome.
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