Minswap, a Cardano DEX, experiences increased trading volume due to the popularity of meme coins SNEK and BANK
Transaction volumes on the decentralized exchange (DEX) Minswap, which is based on the Cardano blockchain, have increased significantly over the past few days. This is likely due to traders searching for profit opportunities on meme coins. According to data from Minswap, volumes have surged from just over $1 million at the beginning of May to $18 million on Tuesday. Minswap is currently the largest application on the Cardano blockchain in terms of locked value, with 37% of over $175 million worth of tokens held on the network.
Such activity could potentially increase the prices of Minswap’s min (MIN) tokens, which accrue value from platform usage and are used as a governance token. A significant portion of the increased volumes came from two Cardano-based meme coins, snek (SNEK) and bank (BANK). Data shows that prices of these two tokens surged as much as 34% in the past 24 hours, with a cumulative $40 million traded on Minswap alone.
As a result of this surge, snek’s market capitalization reached $80 million on Tuesday morning, making it the eighth-largest meme coin by that metric.
This article was edited by Parikshit Mishra.
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