Key Points:
- 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.
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Coincu News
Source: https://news.coincu.com/190880-cardano-dex-minswap-ultimate-destination/