• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
Cardano DEX Minswap Witnesses Surge in Trading Activity Fueled by SNEK and BANK Meme Coins

Cardano DEX Minswap Witnesses Surge in Trading Activity Fueled by SNEK and BANK Meme Coins

user avatar

by Max Nevskyi

3 years ago


Over the past few days, there has been a significant increase in transaction volumes on Minswap, a decentralized exchange (DEX) built on the Cardano blockchain. This surge in activity can be attributed to traders who are actively exploring the network in search of profitable opportunities associated with meme coins.

According to data provided by Minswap, the trading volumes on their platform witnessed a significant increase during the month of May. Starting from a modest figure of slightly above $1 million at the beginning of the month, the volumes skyrocketed to reach an impressive $18 million on Tuesday. Minswap, which holds the position of being the largest application on the Cardano blockchain in terms of locked value, currently accounts for 37% of the total token value of over $175 million locked on the network.

Volumes and TVL bumped on Minswap

This action has the potential to strengthen the prices of Minswap's min (MIN) tokens, which derive value from the utilization of the platform and serve as a token for governance purposes.

A notable portion of the heightened trading volumes originated from meme coins snek (SNEK) and bank (BANK) based on the Cardano blockchain. According to available data, the prices of these two tokens have experienced a substantial surge, reaching up to 34% within the past 24 hours. The trading activity on Minswap alone has accounted for a combined trading volume of approximately $40 million.

On Tuesday morning, snek experienced a surge that propelled its market capitalization to $80 million, solidifying its position as the eighth-largest meme coin in terms of this measure.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

European Central Bank Raises Concerns Over Stablecoins

chest

The European Central Bank raises concerns over the increasing adoption of stablecoins, warning that their wider use could threaten traditional banking systems in Europe.

user avatarMaria Gutierrez

Ray Dalio Questions Bitcoin's Safe-Haven Status

chest

Billionaire hedge fund founder Ray Dalio expresses skepticism about Bitcoin's ability to serve as a safe-haven asset compared to gold.

user avatarDavid Robinson

Paraguay's ANDE Partners with Morphware to Explore Bitcoin Mining

chest

Paraguay's state power utility ANDE has partnered with Morphware to explore Bitcoin mining as part of the country's energy strategy.

user avatarAndrew Smith

New Editorial Standards Aim to Enhance Reporting Quality.

chest

A new editorial policy has been established to ensure accuracy, relevance, and impartiality in reporting.

user avatarJacob Williams

Solana's Open Interest and Funding Rate Plummet

chest

Solana's open interest has dropped below 5 billion, and the weighted funding rate has reached its lowest point in over a year, indicating a bearish market sentiment.

user avatarZainab Kamara

Global Oil Production Faces Major Disruptions Due to Strait of Hormuz Situation

chest

The ongoing crisis in the Strait of Hormuz has led to significant disruptions in global oil production, with Qatar halting LNG production, Saudi Arabia suspending output, and Iraq making substantial cuts.

user avatarAyman Ben Youssef

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.