Cardano-based FREN Token Jumps 44% In One Day

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HomeCrypto NewsMarketCardano-based FREN Token Jumps 44% In One Day
Cardano-based FREN Token Jumps 44% In One Day
DATE:

FEBRUARY 27, 2024
WRITTEN BY:

UNIFRED
cardano ADA
cardano ADA

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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.

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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.

FREN TOKEN Price
FREN Chart | CoinGecko
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.

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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.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Author

Unifred
Unifred
Unifred is an avid crypto reporter with more than a decade of experience covering the industry. He considers it a privilege to spread mainstream awareness about this exciting technology that will underpin the future of finance.
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HomeCrypto NewsMarketProject Catalyst: Cardano To Welcome New Cohort of 300 Funded Projects
Project Catalyst: Cardano To Welcome New Cohort of 300 Funded Projects
DATE:

FEBRUARY 27, 2024
WRITTEN BY:

GODFREY BENJAMIN
Cardano ADA
Cardano ADA
Proof-of-Stake (PoS) layer-1 blockchain Cardano is set to expand its ecosystem by welcoming a new cohort of 300 funded projects.

In line with its growth initiatives, Cardano has extended an invitation to 300 projects to begin its onboarding process. This move comes after the Project Catalyst Fund 11 Vote, underscoring the flexibility of the protocol to support projects with potential.

The Funded Projects and Ideas
Cardano has earned a name for itself as one of the most developed blockchains in the Web3 world, with its GitHub Commit data attesting to this. The onboarding of the 300 new projects could help deepen its ranking in this regard.

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According to the latest update, proposals from Sundae Labs to build a Gummiworm Protocol on Cardano were approved and funded with 100,000 ADA.

The Gummiworm Protocol will help reduce the pressure on Hydra, the dominant scalability solution on the Cardano protocol. The new protocol would serve as an alternative scaling tool for the Cardano ecosystem.

A Food Traceability Proposal on Cardano was also approved after amassing 425 of the total votes cast. The protocol received 100,000 ADA in funding and the team will work to boost the productivity of small farmers with an end-to-end traceability solution.

Other innovative projects also got the backing of the community and were funded with ideas ranging from Cardano-specific enhancements to real-world utilization.

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Requirements for Claiming Funds
As is characteristic of the previous Project Catalyst campaigns, the disbursement of the grants is not automatic as the projects are required to tick some boxes in order to bag the funds.

One of the most important requirements is to secure an approved Statement of Milestones (SoM). This serves as a roadmap for the Proof-of-Achievement (PoA) and helps the Cardano team track the progress of the project overall.

👀 Cardano is onboarding a new class of 300 funded projects post-Fund11 Catalyst vote. pic.twitter.com/qwxSEzW3Tp

— Daniel Ribar 🐣 (@danny_cryptofay) February 26, 2024

Hackathons are common in the digital currency ecosystem and besides Cardano, other protocols like Ethereum and Solana have their own tailored programs where projects are incubated and unleashed to contribute to general ecosystem growth.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Author

Godfrey Benjamin
Godfrey Benjamin
https://thecryptobasic.com/
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web3.0. His love for crypto was birthed when as a former banker, he discovered the obvious advantaged of decentralized money over traditional payments. With his vast experience covering different aspects of Web3, Godfrey's articles has been featured on Blockchain News, Cryptonews Com, and Coingape amongst others. When not writing contents related to crypto, you can find him playing video games.
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