- Cardano-based decentralized exchange (DEX) Minswap sees volume jump on meme coins.
- Volumes surge from $1M to $18M in May, fueled by SNEK and BANK meme coins.
- SNEK surges to $80M market cap, becoming the eighth-largest meme coin.
Transaction volumes on Minswap, a decentralized exchange (DEX) on the Cardano network, have surged in the past few days as traders scour the network for profit opportunities on meme coins.
This surge in activity is a clear indication of the growing interest in the Cardano network.
According to data from Minswap, volumes increased from just over $1 million at the start of May to a staggering $18 million on Tuesday. This is an increase of over 1700%. Minswap is currently the largest application on the Cardano network, holding 37% of over $175 million worth of tokens locked on the network.
The increased trading activity could potentially have a positive effect on the value of Minswap’s min (MIN) tokens. These tokens accrue value from platform usage and are used as governance tokens.
Interestingly, a significant portion of the increased volumes came from Cardano-based meme coins, snek (SNEK) and bank (BANK). In the past 24 hours, data shows that prices of these two tokens surged by as much as 34%, with a cumulative $40 million traded on Minswap alone.
This surge in activity has pushed snek’s market capitalization to $80 million as of Tuesday morning, making it the eighth-largest meme coin by that metric. It will be interesting to see how these trends continue to develop and if other Cardano-based meme coins will see similar surges in trading volume.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
@CardanoFeed - Follow us on X (formerly Twitter)
Stay informed with the latest $ADA Cardano news in real time.FOLLOW NOW!