A new Reddit thread trending on the Cardano cryptocurrency subreddit raises some interesting statistics about fake crypto exchange volume, which unfortunately is pretty much a given in the crypto industry. The only 2 exceptions to this trend of majority fake exchange volume (in the top 10, at least) are Cardano (ADA) and Binance Coin (BNB).
Per the post shared by Reddit user, NoJster, he pointed out that Cardano (ADA) is the only top 10 cryptocurrency with more than 50% of real trading volume, stating:
“Can we take a moment to appreciate that ADA is the only top 10 currency with over 50% of real volume.”
NoJster also posted a photo showing the real volume statistics from OpenMarketCap.com, a cryptocurrency tracking website similar to CoinMarketCap.com, but it only compiles data from trusted exchanges with real trading volume:
As seen from the 12 cryptocurrencies featured in the photo above, Cardano (ADA) along with Binance Coin (BNB) are the only cryptocurrencies among the top 10 that have real trading volume greater than 50%. Cardano’s trading volume is only 43.5% fake, and Binance Coin’s trading volume is only 47.4% fake.
As previously reported by IIB, almost 90% of crypto trading volume is inaccurate. As represented on OpenMarketCap.com, we can see that the majority of top 10 cryptocurrencies have over 90% fake trading volum, with Tether (USDT) the highest at 98% fake.
Cardano and Binance Coin are 2 very different cryptocurrencies, yet both of them have the lowest percentage of fake trade volume.
In the comment section of the Reddit thread featuring this topic, users debated various reasons and the general consensus of why BNB was among the top coins with the most real trade volume is because it is an exchange token. That is to say, it is commonly used as a trading pair and by nature has a very high trading volume.
As for why ADA experiences less fake trading volume than most other top cryptocurrencies, the Reddit users never came to a conclusion. However, it can be speculated it’s because there is actually a lot of genuine interest in the up-and-coming smart contract and dapp development platform.
As previously reported by IIB, Cardano (ADA) recently featured in a Forbes article that said Cardano stands to be a rival to Bitcoin. If this didn’t generate enough Cardano hype for real trade volume, perhaps it has to do with Cardano’s recent 1.5 mainnet release, or its recent support on the Ledger hardware wallet.
Regardless of the reason, Cardano (ADA) is a hot cryptocurrency right now for a variety of reasons. The fact that it’s experiencing more real trading volume than the majority of other top cryptos adds to the crypto’s viability as a good investment.
Why do you think ADA and BNB are experiencing less fake trading volume? Let us know what you think in the comment section below.
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